Member of the Basra Chamber of Commerce: Central Bank of the biggest impediment to investment in Iraq
7/10/2009 2:27:47 PM
A member of the Governing Council of the Basra Chamber of Commerce, Imad Ghanem, the major impediment to investment in Iraq is the banks and the Central Bank mainly being withdrawn amounts abundance in banks in return for a fee by 20%, and this makes the banks refuse to give loans to investors who are in need of liquidity in the great work.
Ghanem said this method of banking is very wrong and hamper investors who need the support of the banks pointed out that the argument of the Central Bank in this process is the withdrawal of the inflation of the market.
Ahmed pointed to thank a member of the governing body of the Union of Businessmen in Basra to the high rate of commission on the loans, which amounted to 18% and add to the tax rate of 3.3% as well as the addition of a direct deduction of 10% commission, while working all the banks into the world of investors a few percentage of the commission It is only about 4-6% and also a few tax to encourage investors.
Praise be asked after all the deductions for the investor, what will remain of the profits and what Christvzh to work has not been able to profit if the investment project.
For his part, explained Zuhair Ali Akbar Director of the Central Bank in Basra, Iraq since 1990 and put under the so-called Chapter VII, which restricted foreign investment funds and overseas, as well as the inability to communicate with the international banks and the main reason for not being able to change the banking law in Iraq.
With all these constraints, which restrict investors, but they are still trying hard to invest in Iraq, It should be noted that there are international companies began investing in the city of Basra, such as sports and large projects in both the oil and gas company of the South and other large projects, it is hoped the success of the investment climate of the shadow safety features of the province of Basra.
7/10/2009 2:27:47 PM
A member of the Governing Council of the Basra Chamber of Commerce, Imad Ghanem, the major impediment to investment in Iraq is the banks and the Central Bank mainly being withdrawn amounts abundance in banks in return for a fee by 20%, and this makes the banks refuse to give loans to investors who are in need of liquidity in the great work.
Ghanem said this method of banking is very wrong and hamper investors who need the support of the banks pointed out that the argument of the Central Bank in this process is the withdrawal of the inflation of the market.
Ahmed pointed to thank a member of the governing body of the Union of Businessmen in Basra to the high rate of commission on the loans, which amounted to 18% and add to the tax rate of 3.3% as well as the addition of a direct deduction of 10% commission, while working all the banks into the world of investors a few percentage of the commission It is only about 4-6% and also a few tax to encourage investors.
Praise be asked after all the deductions for the investor, what will remain of the profits and what Christvzh to work has not been able to profit if the investment project.
For his part, explained Zuhair Ali Akbar Director of the Central Bank in Basra, Iraq since 1990 and put under the so-called Chapter VII, which restricted foreign investment funds and overseas, as well as the inability to communicate with the international banks and the main reason for not being able to change the banking law in Iraq.
With all these constraints, which restrict investors, but they are still trying hard to invest in Iraq, It should be noted that there are international companies began investing in the city of Basra, such as sports and large projects in both the oil and gas company of the South and other large projects, it is hoped the success of the investment climate of the shadow safety features of the province of Basra.