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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    A reading of the Central Bank's strategy for the next stage to advance the banking sector

    Rocky
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    A reading of the Central Bank's strategy for the next stage to advance the banking sector Empty A reading of the Central Bank's strategy for the next stage to advance the banking sector

    Post by Rocky Wed 22 Mar 2023, 5:06 am

    A reading of the Central Bank's strategy for the next stage to advance the banking sector

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    Economy News-Baghdad
    During his speech at the closing conference of the project to activate the lending programs in Iraq, the Governor of the Central Bank revealed the directions and plans of the Central Bank for the next stage to advance the banking sector, overcome the obstacles to its work, develop and reform the pillars and contexts of work that it is currently working on, and enter into a new phase that depends on the standards of real banking work on the scale Local and international, and it proceeds according to an analytical view of the Governor of the Central Bank’s march since 2003 and his experience during the years of his direct responsibility in managing the bank for the years 2015-2020, economic variables, challenges and crises that faced the national economy during the previous years and so far, and the effects of changes in the global economy and the requirements of international standards for external transfer and lack of Stability in the exchange rate and the current gap between the official rate and the parallel rate, despite the adjustment of the exchange rate of the Iraqi dinar at its new prices.
     In view of this, I concluded from the Governor’s speech the features of building a new strategy for the Central Bank for the next stage, as follows:
    First - Preparing the national strategy for bank lending with careful analysis, study and evaluation of the current lending initiatives and focusing on financing small and medium enterprises and putting them in the right directions and achieving specific goals such as developing, expanding and activating lending for renewable energy projects and the agricultural, industrial and service sectors and addressing the reasons for low lending rates in them. And that the ultimate goal of lending is the catalyst for development and the stimulant of the economic cycle and thus support the national economy. And that this strategy will not be limited to the central bank and banks, but it must be shared with the government and the relevant authorities and presented to them in order to unify the legal, procedural and executive efforts and the regulatory aspects of the work environment Currently unstable and issuing decisions that support the national lending strategy.
    Second - Enabling the banking sector to be able to create bank financing by itself by attracting deposits and balancing between its deposits and granted loans. It should not depend mainly on the financing initiatives of the Central Bank and rely on its own financial capacity.
    Third - The banking sector must be a key partner with the Central Bank in implementing the national effort strategy for the electronic payment strategy, reviewing the banking products and services it provides to the public, bypassing complex procedures in opening accounts and providing services, expanding the banking density, and achieving the geographical spread of banking work, which helps in Attracting currency in circulation, which is outside the banking system into the banking system, which also reflects on the high rate of financial inclusion, and this also requires diversification of the credit portfolio. Not focusing on a specific sector in order to overcome defaults in the payment of loan dues and thus overcome the collapse in some banks, as happened in 2008. 2009 in America, and today is the collapse of some banks because they focus on specific sectors in lending.
    Fourth - Creating a loan guarantee company for the purpose of reducing credit risks, which has become an urgent necessity after the high percentage of non-performing debts to the total cash credit granted, which is difficult to recover.
    Fifth: Strict adherence to international standards for external transfers and continuing with the central bank’s procedures in issuing packages of facilities to introduce small merchants and importers to the platform of external transfers, while encouraging the adoption of the method of opening documentary credits and motivating them to go to the banking system by making greater efforts than banks to achieve this goal.

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    Added 03/22/2023 - 10:06 AM
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