Economists stress the inability of the Arab countries to unify its currency financial

28/03/2012

Baghdad, March 28 / March (Rn) - A number of economists, on Wednesday, the inability of the Arab countries unify its currency, the currency and the introduction of the European single currency like the euro.

He said economic expert and member of the Iraqi trade Ziad al-Khafaji told the Kurdish news agency (Rn) that "the Arab countries can not develop a common currency like the euro because of the diversity of financial resources to have some of them depend on oil as supports another tourism or agriculture and industry."

He added that "to introduce a version of a common Arab currency is not easy to implement in the absence of stable economic and political conditions as well as an orientation would disrupt the Arab countries to ease the economic phenomenon of inflation."

He pointed out that "such a proposal in which the most prominent of many economic problems hinder economic development projects in Arab countries, as well as preoccupation with economic institutions, the process of organizing the common currency, design and size at the expense of the fight against poverty and the provision of work."

In turn, the former economic adviser in the Ministry of Trade Mohammed Hamza's (Okuz) that "the unification of the currency will not work in Arab countries because it is difficult to implement in an atmosphere of political unstable, but can work to provide legal cover for the currency trading Arabic among Arab countries."

He explained that "the legal cover is intended to develop mechanisms to ensure that smuggling of currency circulation and the organization does not harm the level of projects to combat inflation and reduce it, in addition to the expansion of trade and the establishment of an Arab Chamber of Commerce that includes all Arab countries."

He pointed out that "the Arab countries that will succeed in the establishment of the Arab Fund in tackling poverty in the Arab countries as required and set up a planning center for accurate surveys of the incidence of poverty in the Arab countries instead of the single currency project of concern".

For his part, economist and member of the Center for the Iraqi market economy (Rn) that "this project will be a lot of problems among them is blurring the Iraqi economy and the existence of legal and legislative barriers that hinder the implementation of the single currency project finance among the Arab countries."

He explained that "the problem of the Arab countries is not to adopt a unified and clear strategy to highlight the Arab economic stimuli that depend on them for the next phase."

The Finance Ministry said it launched the Iraqi Minister of Economy and Finance Project Arabs currency union between the Arab countries at the meeting held on Tuesday in Baghdad in the context of economic preparing files to be presented to Arab leaders at their summit on Thursday.

He said Finance Minister Rafie al-Issawi earlier (Rn) that "the Iraqi delegation to introduce a single currency at a meeting of Arab ministers of economy and the similarity of the euro to the European Union."

And the meeting of Ministers of Economy and Finance Forum, Tuesday, vote on three strategies related to the tourism and water security and disaster in the presence of six ministers as well as the Iraqi minister Khairallah Babiker, who chaired the meeting.

The Assistant Secretary-General of the Arab League announced yesterday the first Monday, on the participation of some 12 Arab head of state at the Summit of Baghdad, which will discuss a number of Arab issues, especially the Syrian crisis and the developments of "Arab spring" the Palestinian cause as well as restructuring the Arab League.

And began the work of the summit amid an unprecedented security in Baghdad is the deployment of tens of thousands of security forces and the closure of main roads after the Iraqi government announced disable office hours during the week.

Link