Iraq trusts the world economically
12/12/2017 12:00 AM
By its implementation of the provisions of Chapter VII
Baghdad / Hussein Thugb
The security victories are paralleled by a major economic victory: the entry into force of the provisions of Chapter VII, which has tied Iraq and its relations with the world for a long time. Iraq has been removed from the world for decades.
The economic expert in the name of Jamil Antoine stressed that "Iraq has become international confidence and freedom in financial transactions after the entry into force of the provisions of the seventh item in full, as all restrictions were lifted and the amounts were freed and became Iraqi banks free to deal and open documentary credits without intermediary".
The Security Council passed its Resolution No. 2390 stating that Iraq is out of Chapter VII with its completion and all obligations related to oil for food and medicine. The Council unanimously adopted the draft resolution contained in document S 10132017, prepared by the United States in consultation with Iraq and the Member States. 2017). It is recommended to welcome the implementation of the arrangements between Iraq and the United Nations in accordance with resolution (1958) 2010 and to confirm the transfer of the remaining funds to the Government of Iraq under resolution 2335 (2016).
The Council concludes that the parties (Iraq and the United Nations) To fully implement the measures imposed in accordance with the provisions of the chapter VII under the above resolutions on oil for food and medicine.
"This decision gives the foreign and Iraqi investors free access to remittances, which in turn contributes to the revival of investment, pointing out that we are engaged in a large-scale reconstruction campaign involving large spending operations, and we must have a banking system that harmonizes and the volume of spending."
And demanded that the role of banks to become an investment and be dependent on the auction of currency secondary, especially that the international banks provide more than 120 services, and this requires us to get our products to large numbers fit the reality of the investor and that the central role of the pioneer in this process.
"Iraq is now the focus of the outside world's confidence after the full implementation of the provisions of Chapter VII, and we must be as much as this responsibility, especially as Iraq is no longer a traditional country, but described as rich with natural and human resources, and so it takes Plans to improve the economic capabilities available in Iraq in different.
He pointed out that "the Iraqi banking system has successful experiences and has the expertise to qualify him to promote the banking sector and make it offers sophisticated products, especially that we have banks managed to achieve a breakthrough in their products, where they rely on banking tools and products to cover all the requirements and performance costs."
Between Haider Kazem al-Baghdadi that "the large number of banking system would create a positive competition in performance leading to the development of products and bring advanced systems facilitate all banking operations, and the ability to compete with branches of the largest banks in the world, and here must be adhered to the directives of the Central Bank of Iraq urges To adopt new developments with the financial sector Global".
He pointed out that "the Iraqi banking system, which is the axis of economic activity in front of him the task of proving the existence, by providing the required services according to advanced systems, especially after the trend to the global banking sector more free and broke restrictions that restrict the movement of our banks previously, which makes us work on Create a banking sector developed".