Baghdad/ Hussein Thaghb
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Wednesday 13 November 2019
An affirmation of the imperative to work towards moving the chunky cash mass in homes to the local labour market through the banking system, to contribute effectively to solving economic problems and providing jobs that accommodate all young people, qualified technical expertise and others.
Iraq's liquidity is estimated at 47 trillion Iraqi dinars, which is home to about 70 percent of this amount, according to the indicators of specialized centers and financial experts.
"The importance of the settlement of salaries," said Haidar Kazem al-Baghdadi, who promised the first step to move the chunky cash pool into the banking system, pointing out the need to make cash perform a positive double function through Advanced products through electronic payment and to pay salaries through them and keep in banks and citizens depend on the electronic card, especially that the citizen interacted a lot in this joint, and here we can use the operational budget to activate the capital cycle to serve the national economy, and that Banks must be most interested in this aspect and all electronic payment joints."
"The approach of the chunky bloc to banks requires serious work leading to the restoration of trust between citizens and all banks, which requires the early stages of a law guaranteeing funds, as well as creating trust between state institutions and the private banking sector, which represents an important step to strengthen the role of the private sector in the management of economic joints and enable it to play its real role in development," he said.
"The importance of settling salaries from now on with local banks to be the beginning of electronic work and establishing a database that is directed to private banks to deal with the largest percentage of citizens, because they constitute a segment of the population," he said.
He stressed the need for the Central Bank to start issuing new instructions supported by its calendar supervisory role and setting the ceilings for balances and accounts for open circles of banks, which will help the government institution to start working with private banks."
He had called for a focus on laws, the most important of which was the Deposit and Loan Guarantee Act and other matters that contributed significantly to bringing the money to the banking sector smoothly, and called for the use of laws in this direction to create an effective banking sector enhanced by trust between citizens and banks, and this needs to be legal guarantees, pointing out that "the deposit guarantee law is the cornerstone of this issue and its application represents the real beginning of moving liquidity in the right direction and transferring it to the banking sector that will employ it in the service of the national economy."
"Iraq is receiving the attention of the specialized international effort, which makes it imperative that we work towards benefiting from regional and international experiences that tend to create bilateral partnerships with the international effort that will increase the knowledge of national expertise and enable it to have advanced technology," he said.
"The reality needs to be reviewed by all the laws governing the country's labour market, and to help smooth the qualitative implementation of projects, away from the intersections and interpretative problems that accompanied the last stage, which caused confusion of work, and made the competent employee confused, when there is an intersection in legislation, and here the legal environment must be a guarantor of the rights of all parties without exception."