* TRADE BANK OF IRAQ: RAISE ZEROS FROM THE CURRENCY WILL NOT AFFECT ON THE ECONOMY
* Trade Bank of Iraq: raise zeros from the currency will not affect on the economy
MAY 30, 2011
Beirut, 29 May (Rn) – The Trade Bank of Iraq Sunday to raise zeros from the currency will not affect the economy, pointing at the same time that the debt owed by the country’s “dominant” as long as the Iraqi government is committed to pay the dues.
Works Central Bank of Iraq in the preparation of a law regulating mechanism for the cancellation of three zeros from the Iraqi currency, and the valuation of the currency in circulation economic, external and internal, but he stressed that the House of Representatives is the owner of the latter resolution, while analysts say that the process is complex and needs to be studied.
Hussein Alaozyre In the opinion of the Iraqi Ministry of Finance that the deletion of zeros, will liberate the Iraqi economy from the constraints and enhance the value of the dinar in the International Monetary Fund.
The Chairman of the Board of Directors in the Trade Bank of Iraq Hussein Azri told the Kurdish news agency (Rn) that “the removal of zeros from Iraqi dinar, the process of administrative and technical typographical no repercussions at the level of the Iraqi economy.”
He expressed the IMF last August to support the Iraqi economy in the event of having a number of economic measures, including the allocation of banks and raise three zeroes from the local currency and to meet debt and compensation is the responsibility of Iraq.
Iraq seeks to modernize its economy, especially after the signing of oil deals aimed at increasing oil production to four times its current size Balbrgem that the country’s infrastructure is still crumbling after decades of war and sanctions.
He Azri to the existence of “political and economic stability (in Iraq) and that oil production is increasing, in addition to the stability of the currency.”
With regard to debts owed by Iraq, Azri said that “the developed controlled as long as Iraq is bound to pay the dues.”
The debt of approximately $ 40 billion.
China is next to Saudi Arabia and Kuwait among the biggest creditor of Iraq.
Iraq has signed a series of agreements with international oil companies in the past year to enhance the production capacity of crude to Saudi Arabia, which power level of 12 million bpd from around 2.5 million bpd at present.
Azri and explained that development in Iraq will reach 9.5 to 10% this year.
The central bank has revealed in October that the last budget in 2011 will raise economic growth to 10% of what it was.
And on the Iraqi banking sector Azri said that “there are seven state banks, and 34 were private sector banks, mostly owned by foreign banks.”
Dominated by two government two banks on the banking system in Iraq, the Bank of Mesopotamia and Rasheed Bank.
He Azri said, “The central bank decided to increase the capital of Iraqi banks to 15 million dollars.”
The Iraqi Council of Representatives approved in the month of February last budget worth more than $ 80 billion.
He declined a lot of investors are pumping money into projects within Iraq because of the violence that followed the fall of the former regime in the spring of 2003, and the political crisis that lasted for most of 2010 until a new government formed an incomplete last December.
Mahmoud al-Faqih, the Open: Murtaza Yousuf