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Experts: Iraq does not employ surpluses Moisnath previous development and 70 trillion dinars frozen Bmusrfa Rafidain and Rasheed
The view from the air of the capital Baghdad
Editor: BK, HH ten ten a.m. 17.04.2014
Long-Presse / Baghdad
Detection Economists and Financial Iraqis, on Thursday, about the presence of deposits of 70 trillion dinars in the Rafidain and Rasheed, mostly as a result of annual surpluses of the budgets of the inability of some departments and ministries of disbursement, while asserted that the government "
do not invest" the money in development projects remained "frozen , "an enemy they have caused" significant inflation, "the central bank pays for it by selling the currency, which requires banks to reconsider the law, and operational restructuring.
A former deputy governor of the Iraqi Central Bank, the appearance of Mohammed Saleh, said in an interview to the newspaper (range),
"The money bank Rafidain and Rasheed composed, a high proportion of deposits-governmental organizations, as well as deposits eligibility," noting that "the size of those deposits up to 70 trillion Iraqi dinars, of which 40 trillion government deposits and public sector and the remaining for the private sector. "
And on the invitation Union of Arab Banks Move lending and money by banks Iraqi government, saw the benefit, it is "correct technically, to solve the housing crisis and other," adding, "But there was a project in advance of the Association of Iraqi banks to the government, to establish a loan synthesis is part of that liquidity collects in a large bank and went to business development. "
He said economic expert known, that "loan synthesis aims to move the funds deposited in the bank Rafidain and Rasheed towards major projects, such as housing, etc., and be soft interest to avoid the loss of banks," expressing regret that "the project is disabled due to lack of response from the financial sector, representing the Ministry of Finance and the Central Bank of Iraq" .
In the same context, said a member of the Parliamentary Finance Committee, Abdul Hussein al-Yasiri, in an interview to the newspaper (range), "The deposits of the Rafidain Bank, amounted, in 2010.28 trillion dinars," noting that there is "an amount less than that in the Rasheed Bank" .
He stressed Yasiri, the need to "take advantage of the money and run or directed to solve the problems of housing and others."
But a member of the Finance Committee, said in the same time, that "the bank Rafidain and Rasheed are suffering from a lack of liquidity due to the intensive use of cash around," attributing it to "the failure to adopt the Iraq operation instruments or Visa card, called the terms of economic alternatives to cash."
And saw a member of the Parliamentary Finance Committee, that "if Iraq had used the money supply by about properly he could maintain them," pointing out that "the Iraqi monetary bloc of about 35 trillion dinars, which is a big number compared with other countries of the world."
He Yasiri, that "the high value of the mass of cash caused inflation a big price is paid by the Iraqi Central Bank by selling the currency," returned to "the disadvantages of the banking business is one of the reasons for the economic downturn in the country,
which requires a reconsideration of the Banking Act, especially Rafidain and Rasheed, and operational restructuring of the two systems, according to the evolving economic. "
Meanwhile, he saw an economist, Jamil Antoine, that "the amounts frozen in the Rafidain and Rasheed, as well as trade, resulting in a surplus budget since 2006 until now, which has failed to some departments and ministries for disbursement."
Said Antoine, in an interview to the newspaper (range), said that "the amounts cumulative and growing year after year, remained frozen and did not invest nearly properly and scientifically," stressing that "the budget surplus of up to 15 percent annually as a result of the inability of government departments for the completion of some projects that leads to a shift amount to the Rafidain and Rasheed. "
And on the reasons for the accumulation of the "vast amount" of the money supply in the state banks, despite speaking parties informally, "an annual deficit," attributed the economic expert to the "lack of final accounts of the budgets of the previous fiscal,"
a reminder that those "amounts in their general form dedicated to specific projects unfinished or begins working out because of poor implementation as well as weak monitoring of the House of Representatives. "
According to Antoine, that "the funds in the Rafidain and Rasheed earmarked for specific projects and can not be spent for other purposes only by the budget and voted on by the House of Representatives within the project of the federal budget," Msttrda that there are "six thousand registered project not settle their accounts until now." .
The federation of private banks, the Beirut Arab proposed move "amounts frozen" in the bank Rafidain and Rasheed, which exceed the equivalent of 78 billion dollars to solve a lot of problems, most notably the "housing problem" by "lending", while stressing that the survival of the amounts "parked" in banks will cause the problems of "inflation" and the absence of investment.