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Economists: traders are pulling hard currency and restricts the seventh item dealing with the banks is solid
On: Sun 01/29/2012 19:27
Citizen - the follow-up
He specialized in the economic importance of removing Iraq from Chapter VII imposed by the United Nations to give Iraq in general and the Iraqi trader in particular to deal with the international banks sober and well-known in the process of transfer of funds (money orders) when you import them
Of goods from abroad, for fear of the vulnerability of Iraqi funds to money laundering or embezzlement by shell banks and informal in most countries of the world, calling to move to the United Nations to lift the seventh item on Iraq. A member of the parliamentary Economic Committee Salem Attorney Nora: The well-known international banks do not deal with the Iraqi traders they deal in huge amounts, and Iraq continues to be under Chapter VII, they are afraid of dealing with countries subject to this item.
The Salem told (newsletter) that there is a bold decision issued by the Economic Committee of the Council of Ministers established the Bank shareholder participation by local and international banks in order to facilitate the work of traders and investors in the process of transferring large sums of money to and from Iraq, calling for the necessity of applying for protect Iraqi funds from loss, after what happened recently, as we heard that the merchants of the Kurdistan region have transferred money to traders in Iran, and rejected one of the banks delivered the pretext that the traders Kurds did not do the process of transfer of funds, and continued to be the establishment of the bank and that the capital of a large allows companies Iraqi traders and investment abroad to transfer their money to Iraq.
Salem and demanded the Federal Government and the Parliament to move towards the lifting of what they called »injustice seventh item» Iraq for the fact that there are many things Iraq has stalled because of this separation imposed by the United Nations.
The member of the Economic Commission for Investment: that the Iraqi trader has a big role in the laundering of funds since it deals with Iraqi banks is not official because of the Chapter VII imposed on Iraq.
For his part, ruled out by the Economic Commission Vice Qusay Fri incidence of money laundering Iraq during the current period, particularly in Baghdad, the fact that there is strict control by the central bank the money out and enter the country, but fear the exposure of funds to the embezzlement of the Iraqi trader.
Juma said: holding an expanded meeting between the Economic Commission and the Department of St. bleaching of money to the Central Bank, and has notified us of a central bank with adequate information and the development of adequate treatments for the emergence of any cases of money laundering or the like. Gom'a the absence of the phenomenon to the process of bleaching of money, but there are operations to drain hard currency from Iraq as merchants Iranians and the Syrians as a result of the deterioration of their currency because of political turmoil in which they live, stating: There are traders from Syria and Iran are withdrawing the dollar from Iraqi banks and local markets, which led to the depletion of foreign currency Iraq.
While stressing the economic expert as beautiful on the need to deal with the Iraqi trader staid banking world, known in its financial transactions in order to obtaining the financial guarantees in light of the smuggling and money laundering, as a result of the deteriorating political situation in the region, especially in Syria and Iran.
Jameel said, Iraq is still under Chapter VII, making the Iraqi trader restricted in dealing with international banks in the process of converting its funds through the import of commodities and goods from abroad, despite the fact that international banks provide guarantees to enter the goods conform to the specifications and they refused to deal amounts of imports of goods poor before shipped, calling for the need to lift the seventh item on Iraq to facilitate financial transactions with international banks.
The economic expert that bank credit is a form of systems to ensure the trader and exporter of handing the funds against the shipment of goods according to the specifications, noting that the Iraqi trader is now paying a portion of an exaggeration or the entire processed and shipped his goods without the presence of safeguards and controls on the type of goods imported into the home and especially with Iran which leads to money laundering operations and other operations outside the law.
At the same time Chairman of the General Economy Bank Husam Obeid on the importance of raising Iraq's Chapter VII as a grant to the Iraqi banks to deal with the international banks.
Obaid said in a press statement that Iraq is still bound to item VII of the UN, thus affecting the work of Iraqi banks being given a bad reputation in its external and international, which led to the refusal of international banks to deal with Iraqi banks and merchant Iraqi import of goods from abroad.
He stressed the need to remove Iraq from Chapter VII because it gives freedom to deal with international banks, particularly the States represented the UN Security Council, calling for a move towards the lift for the advancement of the Iraqi economy and develop the work of Iraqi banks.
Earlier, The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh that the entry of global investment firms to Iraq depends on the exit of Iraq from Chapter VII, because they are afraid to enter Iraq in the implementation of investment projects.
Saleh said in an earlier statement (newsletter) that Iraq would emerge from Chapter VII is very necessary for the transfer of foreign expertise and modern technology in various economic fields, the fact that Iraq needs international network of contractors in the implementation of investment projects.
Saleh pointed out that the local contractors who are not experienced, which led to the delayed implementation of many investment projects in the country, indicating that the rate of implementation of projects per year (30%) due to lack of experience and not to transfer modern technology to Iraq.
He added that foreign companies for global contractors are afraid to enter the territory of Iraq because Iraq is still under item VII and notoriety generated by the item on the peoples imposed on it.
And the benefit of the Chapter VII allows the force and economic sanctions on countries that infringe on the world peace, stressing that the international community still believed that Iraq was the aggressor on the world peace.
He continued in saying: It is assumed at the exit of U.S. troops from Iraq, it gives a signal to the international community that Iraq is safe and does not need to use force against him, calling to move to the United Nations to remove Iraq from Chapter VII table in order to be a safe country open around the world.
The Iraq situation under Chapter VII of the UN when the economic blockade imposed on him in the nineties of the last century because of the invasion of Kuwait the previous regime, which restricted his actions make financial transactions with the State.
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