Invitations for banks to invest in Iraq as funds are frozen for service projects due to sanctions; Lift of Chapter VII a necessity

The member of the Finance Committee MP Faleh applicable, to the need to invest the money in the Iraqi international banks for investment projects to serve the country.

The effect (of the Agency news): The Iraqi funds “frozen” in the global banks too big and we have to invest in investment projects varied both within the country or outside it, as projects housing or industry or services, by the Ministry of Finance and Central Bank in order to diversify revenue Finance of the country.

This and return the money reserved in most international banks to the former regime officials or other Iraqi figures have been freezing their assets deposited in such banks as a result of a lawsuit filed against them things.

This is money deposits fixed or variable in that international banks are granted a specific financial interest by the banks, making the value increase per year.

Meanwhile, a banking expert Mohsen Ali: The Director of Iraq under Chapter VII has become necessary, especially after the return of Iraq to its regional and international levels, because it would give freedom to the Iraqi banks in dealing with international banks.

Ali (of the Agency news): Iraq is still bound in item VII by the UN, thus affecting the work of Iraqi banks being given a bad reputation for its work outside and international levels, which led to the rejection of international banks to deal with Iraq in their transactions through foreign remittances.

He added that the withdrawal of Iraq from Chapter VII has become an urgent necessity at the present time, especially after the return of Iraqi relations with external countries with reservations about Iraq as a result of the policy of the former regime as a state of Kuwait, in order to give Iraq full freedom to act on his money and bank transactions with the Iraqi world.