Experts: Exit Funds Easier Entry to Iraq
|August 24, 2014||Filled under Iraq News|
Iraq News –
While the investment law No. 13 of 2006 as amended freedom of entry of funds for investors and their companies to Iraq suffer some by two economists from the weak development in the country’s banking system was impeding the entry of these funds for investment to improve the economic stability.
In this context the Bank adviser said Dr. Issam almhaoili that Iraq has suffered for years from a decline in the economic performance of the old policies that isolated Iraq from the external surroundings and about any developments in the world of outdated banking and modern systems.
He said to (morning): the process of creating entry (for the local situation) a difficult process, since most of the budget resources come from the process of extraction, production and export of crude oil, explaining that bringing money from abroad and investments into the country is a difficult process.
He noted that investors have a difficult time entering their money into Iraq for two reasons first to raesn the stability of the General conditions of the country’s capital is cowardly and flee when exposed to any shake, and the development of banks and the adoption of modern banking systems and the proliferation of credit cards to speed up the development of the banking system through the speedy implementation of the draft national and divided the banking system overall.
Almhaoili stressed the importance of disseminating the culture of e-money (credit cards or credit cards) and open ports and points of sale and discharge in commercial areas of the capital to engage in these activities, and then disseminated to other regions after the improvement of the General conditions for the fact that it gives the impression to foreign investors that the payments system is moving towards improvement and development.
According to some law ordains first amendment of investment law No. 13 of 2006, no. 2/2010 the investor enjoys the advantages of output by capital to Iraq and return in accordance with the provisions of this Act and the instructions of the Central Bank of Iraq in convertible currency after payment of all debts and obligations of the Iraqi Government and other third parties.
In addition to open accounts in Iraqi or foreign currency or both at a bank in Iraq or outside of the project metaphor.”
Economic expert Dr. Hilal altaian finds that security and political conditions of the country reflected negatively on attracting capital and investments into Iraq, as well as the escape of Iraqi funds to the countries of the world easily, especially as they are looking for stability and security.
The altaian speaking for “morning”: “the terrorist attacks suffered by the country recently due to the aggression of” daash “several counties and cities, has been a key factor in the flight of capital and reduce foreign investment in various sectors.”
As for the private sector, the expert said he began looking overseas funds runs, it looks for markets and countries stable, kalamarat and Jordan and other States, along with the inability of banks to provide guarantees for foreign investment, attracting capital because of the conditions of the country.
The basic factors that contribute to the development of all sectors of Iraq’s economy, said altaian lie in providing security and political stability in the country to attract foreign and domestic investment, in addition to economic decision-making and applying legislation in support of the development process in the country.
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