No doubt, 2012 happens to be a promising year for the Iraqi economy. As a matter of fact, there are many different developments that transpired in the Iraqi economy before the month ends. Consequently, these economic updates initiate an excellent start for the Iraqi government.
Iraqi Economy Update: Fund Act To Redeem Iraqi Money
Iraqi Chamber of Deputies, recently, passed house bills into laws. The Fund Act happens to be among the most remarkable bills approved as laws. Some other bills successfully passed include presidential nomination, faculty member reward, along with five other bills.
Fund Redemption Bill garnered sufficient numbers to become a law. The bill holds sponsorship by several committees such as the Finance Committee, Economic Committee, and Foreign Relation Relations Committee. Such Fund Act aims at redeeming the financial rights of the Iraqi government to recover funds arising from unlawful means in the likes of sabotaging, smuggling, and economic blockage. Recovered funds, moreover, can help out the Iraqi economy.
Iraqi Economy Update: Parliament To Amend Investment Law
Foreign investment, no doubt, is critical to the development of Iraqi economy. The state, in fact, welcomes investors in the country. Recently, the Iraqi embassy revealed that many US companies expressed investment intentions. Arab companies, in the same way, relayed their intention to invest. Nonetheless, the government expects additional investors in the coming months.
Upon the strong intent of the Iraqi state to encourage foreign investment, the Parliament considers amendment of the investment law. The amendment seeks to protect foreign investors in case of government dispute. According to Ibrahim al-Mutlaq, Finance Committee Member, parliamentary amendment is likely to lift tedious investment procedures hindering smooth flow of transactions.
Trade Bank of Iraq claimed $475 billion Iraqi Dinars as profit for the 2011 operating period. The bank further elaborated that 237 billion came in the latter part of the previous year when banking developments took effect. In turn, the management has got high hopes that further developments can sustain the income momentum in aid of Iraqi economy.
Among the many developments developments, pursued by the Trade Bank of Iraq, happens to be the issuance of credit cards. The bank even pioneered credit card issuance in the country. Moreover, it looks forward to providing additional bank products and services in the portfolio. Sure, this achievement shall bear positive impact on the Iraqi economy.
Iraqi Economy Update: Private Banks In Support Of Public Projects
Private banking sector, in particular, are key players in the Iraqi economy. The government, in effect, strives to achieve liberation from the Chapter VII sanctions. Lifting of the UN sanctions can provide full banking and financial liberties. As of the moment, Iraqi banks have limited privileges to deal with international banks.
Meanwhile, the World Bank expressed its sentiment in favour of financial transactions between Iraqi government and private banks. Empowerment of private banks to deal with government institutions paves the way for harmonious relations between Iraqi government and private banking sector. The same shall yield favourable effects on the Iraqi economy.
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