New Amended Law would protect Iraqi Dinar Investors?

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A famous economist and financial expert Khalil Al-Najafi stressed that Iraqi Central Bank should take immediate steps and quick actions to utilize the large amount of cash collected from savings into investment due to it is necessary in the current Iraqi economic and financial situation.

This amount should be utilized in a perfect manner whether the currency is in the form of U.S dollars or Iraqi dinars. He further added that Iraqi banks are experiencing the threat with the lack of fluidity in the current economic crisis. The economists and financiers believe that weighty amount deposited by Iraqi citizens and investors is estimated at more than 77 percent of the total funds. He pointed out that there is a feasibility of utilizing those funds for investment purpose, especially after the implementation of new amended law No. 13 of 2006 and make it corresponding to the reality in the country. It would also open new doors of revenues as an alternative for relying only on a single source of revenue to manage the economic activities in the country.

Most of the financial experts believe that it would also provide a much better path to increase the Iraqi dinar exchange rate against most of the international currencies. A large number of experts believe that it would clear the passage for Iraqi dinar revaluation as most of the investors are waiting for Iraqi dinar RV for a long time. Despite all the predictions, the new amended law would protect foreign investors and foreign investments in order to provide facilities in the development in the housing sector and granting loans for allocation of land by a single window operation. The National Investment Commission has taken a number of measures to make investment process simple by refining the regulation and reconstructing the quality of services in the process of license issuance, registration and permission for the allocation of land.

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