Rising Dollar serve Iraq and activates the work of local and production sectors

Economic Adviser to the Prime Minister: Rising Dollar serve Iraq and activates the work of local and production sectors

3.30.2015 13:14

Rising Dollar serve Iraq and activates the work of local and production sectorsLong-Presse / Baghdad
Counting economic adviser to the Iraqi Council of Ministers, on Monday, that the rise in the dollar’s exchange rate against the dinar “serve” Iraq, through the creation of the phrase “positive” variables such as the provision of new jobs and stimulate different working local production sectors, indicating that the low price is a “support” to the importer foreign national account.
Said Abdul Hussein Al-Anbuge, said in an interview to the (long-Presse), “The foreign currency was wasted in Iraq at large, nor the government know the size of imports and where to go orders,” noting that “the government is seeking to put an officer on through import for determining by letters of credit. ”
He Anbuge, that “taxes and customs tariffs on imports will be implemented when the opening credits,” noting that “foreign exchange will not be given to the banks, but when you open a real credit to the imports to ensure that it goes back to the outside in the form of goods and services.”
He believed economic adviser to Iraqi Prime Minister, that “recent decisions concerning Balastairadat, which affected one way or another on the dollar exchange rate against the dinar, is only one variable,” returned to “high dollar exchange rate probably led to a lot of factors and positive variables through the provision of job opportunities in industrial sectors and activities, agricultural and domestic service. ”
He Anbuge, that “the rise of the dollar in the interest of Iraq,” attributing it to “the possibility of a cheap dollar smuggling from Iraq, because the citizen and merchant and importer buys and pays for the outside.”
Economic adviser to the Iraqi cabinet said that “the decline of the dollar in Iraq price, represents support for foreign importer and protects the national account, just reinforces the phenomenon of rentier economy,” revealing “a real steps to support the private sector by facilitating the licensing and improve the working environment and the introduction of companies sober for work in Iraq. ”
He Anbuge, that “the Iraqi government is seeking to stimulate local economic sectors through the support of local industry and agriculture to go into production later.”
It is noteworthy that the US dollar exchange rate has been rising for nearly a month, up to a few days ago to 1230 dinars to the dollar.
The central bank may impose a special program of tax and customs guarantees for goods, while among banking and economic shown that it came under the guidance of the Council of Ministers to determine the work of traders and keep them away from “illegal transactions in the smuggling of” hard currency.
The CBI also announced (24 March 2015 current), for approval of the Economic Committee of the Council of Ministers on a proposal to accept the judge issued by private banks instruments to pay all taxes and fees and without a fixed roof.
This means rentier economy, the state’s reliance on one source of income, it is often a source of naturally occurring such as oil, is the rentier state, is that derive all or a significant portion of national income from the sale or lease of indigenous resources to foreigners.