Improve the security situation makes Iraq a market with a new economic growth sectors of the economy where the oil and banking

With low levels of violence in the country this year and last year the form of a sign to leave him on the situation in the country and in particular, and his economic situation, and that fell bombings, collapsed terrorist organizations in front of the Iraqi security forces even reflected in the Iraqi economy, which suffered greatly during the past years.

In the absence of neck thrive, as Marafo the “capital is a coward” should enhance the security situation in the country to stimulate the foreign companies operating In all the terms of reference for work in Iraq and started this company a year ago to enter the Iraqi market through Alqata oil that despite of the instability of C at the security situation in percent, but the dozens of foreign companies operating in the area participated in the oil licensing rounds hosted by the Iraqi Ministry of Oil for the production and exploitation of oil in Iraq.

Oil sector
The first practical results of security and stability and foreign investment was from the share of sector Oil as Iraq has seen a quantum leap in terms of oil production, and summarizes the new oil minister Abdul Karim defect in an interview with him and attended the “Baghdad Post” put Iraq’s oil output as follows:

As the minister announced That Iraq’s oil reserves of 43 billion barrels, while the rate of export of oil will rise during the next four years to reach in 2014 to about six and a half million barrels per day.

And explains in detail all that “Reserve Iraq article crude oil of 143 billion barrels and 129 trillion m3 of gas,” pointing to “a plan to the Ministry of the next four years to increase oil reserves and higher rates of oil and gas production in order to achieve a quantum leap,” noting that “the rate of export of oil This day will be in 2011, 1.75 million barrels from the fields of the south and 650 thousand barrels from the northern fields, and in 2012 will be exported 2.0006 million barrels from the south and 650 A of the North “.

He noted defect that “the export would reach in 2013 to four million and 400 thousand barrels from the south and 650 thousand barrels from the north, while it would be in the year 2014 five million barrels of crude oil from the south and 650 thousand barrels of crude oil from the North,” explaining that “the production of oil daily during the current year would be 2,000,750 barrels, and next year will rise to 3,000,300 barrels, and then four million and 500 thousand barrels in 2013, bringing in the year 2014 to produce six million and 500 thousand barrels a day. “

The head of the oil and gas in the previous parliament Ali Hussain Balou said in an interview to “Baghdad Post” that “Iraq faces a big future at the level of oil production by having a reserve most of the oil in the region and therefore the government should make a major effort in the way the process of oil production and investment and export it to reflect on the country’s imports of the annual financial. “

He points out that “Iraq will become of the leading exporters of oil in the global market has been up to the degree of impact on the size of global oil production and may be invested as such in our favor, but it must be emphasized at the same time need not rely on oil to get Iraq’s national income the annual and must invest large oil imports for the development of other sectors of industrial, commercial and agricultural. “

Iraq is seeking through the development of oil fields and presented to international companies, to reach a production of at least 11 million barrels per day within the next six years, to 12 million barrels per day after you add the quantities produced from other fields of national effort. Iraq exports crude oil from the ports of Basra and Khor al-Amaya on the Persian Gulf, as well as the Turkish port of Ceyhan on the Mediterranean, and through the truck by truck to Jordan, and Iraq currently produces about 2,000,500 barrels of crude oil per day, and the percentage of Iraqi exports from the Basra oil 90 %, while the remaining issue of Kirkuk.

Banking sector
On the other hand, the banking sector in Iraq, he witnessed the other Ttoula pointing out since the year (2003) and until this moment a growing number of banks that Avchan and Odjul Arab banks and foreign Alqata Iraqi banking, which will serve to promote as to create favorable ground for investment, which requires banks to organize financial matters.

At the governmental level and the government agreed to hold conventions long-term relationship with many foreign and Arab companies to develop the work of banks and banks in Iraq through the development of the mechanism of the financial exchanges with the rest of the world after the Iraqi was suffering many problems the most prominent failure of banking service in part to deal with international banks.

The development bank is also in strengthening the banking sector through the provision of comprehensive studies on the most important reforms required by the Iraqi banking sector and the most important amendments necessary for the level of legislation and technical matters

For his part, the central bank has asked banks to local community, which has no dealings with international banks, to increase its capital to 250 billion dinars ($ 214 million) by 2013 in order to find local banks more competitive. And expressed a number of States wished to rehabilitate and develop the industrial sector of Iraq, for the rehabilitation of 12 Iraqi industrial complex

And can be summarized the most prominent indicators of the growth and development of the banking sector in the country as follows:

The high number of banks and banking (23) banks, “years” and a special “Year 2003 (42) banks,” including (7) state banks.

* On the external front Was Open a number of Branches and offices of the Arab and foreign banks in Iraq are (Arab Banking Corporation, Byblos Lebanese, Melli Iran, the Turkish Agricultural Bank, Bank of Beirut and the Arab countries, the Bank of Antrcntnal Lebanese, and a representative office of the Housing Bank of Jordan.

* The number of branches and banking offices of the (450) section “and an office” in 2003 to (640) section “and an office” in 2009.

* At the level of warheads money problem for the banking system The number of posts in the foreign capital which The participation of one in 2004 (credit with the Kuwait National) to seven posts and the participation rate ranged between 49% to 75% of the capital.

* The Build up the institutions of the mainstream banking system where the company was established ((trade) for the loan guarantee, and a company for electronic banking and deposit insurance company, and a proposal to create an investment fund for the banks, and a private company to provide loans of medium and small.

* Government has focused on Activating the role of government banks Iraq’s three specialist (industrial, agricultural cooperative, real estate), and the transfer of functions of banks, including banks, to a specialist, according to the primary objectives established by those banks in the first place.

* The most important of all, must be strengthened Iraqi Central Bank as the first financial institution in the country and the incubator for the banking business and the observer for her performance were a number of steps to fly his work including the development of an effective system to collect information and financial data and analysis of electronically according to a program prepared for this purpose and the application of the standard of disclosure and transparency of by the banking and financial institutions under the supervision of the CBI.

And attaches economic expert Sirwan Kirkuki the Iraqi banking system by saying that “the continuation of the opening of international banks in Iraq will work cash by 26% what it is now and will put Iraq in front of the evolution of monetary enormous, especially if the benefit of private banks and government of the mechanism of the branches of international banks in the country.”

Kirkuki shows that “banking performance in the world reached advanced stages, and the opening of banks of countries that have economic impact in the region such as Iran, Turkey and Kuwait means that the need to move Iraq in that direction.”

He adds that “the banking business in Iraq, both private and government need to move towards the update mechanisms of action through the vulnerability of the banking experience of international banks.”

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