http://72.14.205.132/translate_c?hl=...ptIk7Avl_JBAqQAdvisor: get out of the financial crisis will require innovative recycling capital
2009-06-20 09:37:48
BAGHDAD (Iba) / central bank / financial crisis / .. adviser said that the Central Bank of Iraq emerge from the global financial crisis requires strong creative recycling of capital.
The appearance of Dr Mohamed Saleh told the independent press (Iba) said Saturday, that the oil countries in the region accumulated financial assets resulting from the oil revenues approximately 1.3 trillion dollars between the years 2004 - 2008 real annual growth rates stood at 6 percent, and this has been reflected on the sustainability of life for 14 million foreign workers in the region, annual remittances amounted to about 40 billion dollars.
He said despite the fall in oil prices of $ 147 per barrel to approximately 50 to 60 dollars in the latter half of the year 2008 until the present time, the countries of the Middle East has been the best performer among the international groups that have been the quantities of exports to the exodus of capital.
He saw the benefit of the interests of the countries of the region will face a change which would permit a strong attractive force on the oil stick to the interests of European-wide strategy in the international competition. Adding that such will make the enticements of the oil at the lowest point.
The benefit of the central bank is to determine the relationship of the Iraqi dinar currency other than U.S. dollars, or whether other, and the dollar area of Iraq, considering that 95% of its income from foreign currency is one of the oil, the oil market is a market in the world, mainly U.S. dollars.
It should be noted that Iraq had affected the global financial crisis by reducing the overall amount of the general budget of the State due to the decline of oil prices globally. (End) / 20 /