Banking Conference recommends the strengthening of trust between the public and private sectors
BAGHDAD - Hussein al-Tamimi Tgb
The second recommended Banking Conference which has been sponsored by the Prime Minister Dr. Haider al-Abadi to expedite the approval of the Deposit Insurance Act in order to increase confidence in banks and raise the proportion of savings, and activating the role of the financial court, as provided by Almassarv.almatmr Act, which concluded its work yesterday discussed the most important challenges facing the banking sector and the economy in general, and demanded the involvement of the private banking sector in decision-making to express an opinion on economic and financial matters by proposing representation Association of private banks in Iraq, the Parliamentary Committee of Economic Affairs and the Board of Directors of the Bank.
The head of the Association of Wadih Handal "morning" The recommendations proposed the formation of a joint committee includes representatives from each of the central bank and the Ministry of Finance and the Finance Committee Parliamentary Association meets regularly on a monthly basis and addressing all matters that concern the Iraqi banking sector, as well as prompt members of the House of Representatives passage of paper sector reform banking and finance, which has already been prepared by Alsabakh.elhoudor Arab parliamentary session praised the reality of the conference, said a representative delegation UAE Ahmed bin Dalmouk Al Maktoum (morning) that important conference and a high degree of organization, and our presence came with positive results where they were to meet with businessmen and government institutions are concerned by the investment, and the delegation was briefed on the investment opportunities available in Iraq.
He pointed out that he respect the electric power sector and thus can harmonize our efforts with the needs of Iraq which needs to develop the electricity sector system, pointing out that he expressed his satisfaction in the presence as well as representatives of the Iraqi economy from the private and public sectors, especially the two believe transition to an open market economy . Handal returned indicates that the recommendations of the Conference of the Central Bank has called for a review of the instructions relating to increasing the proportion of the legal reserve, or giving part of it to banks tranche low-interest, as well as to find a low-cost funding sources to finance infrastructure projects (strategic) projects and residential units.
Enhance the trust between the public sector and the private banking sector by opening accounts with private banks, which demanded to accept letters of guarantee issued by it and charged with the management of employees and retirees pay the salaries and accept certified them instruments without specifying the ceilings and study the possibility of receiving these banks of taxes and government fees and restricted to the accounts of the concerned authorities to have (within recommendations of the conference).
He said the banks exposure and since its inception to a lot of challenges, most recently what has happened in those banks in the hot areas of heavy losses as a result of terrorist acts, which calls for a pause to consider seriously about the mechanism that will be followed to compensate those banks and the fate of credit portfolios in those areas. He pointed to the importance of the separation of the evaluation criteria and mechanisms for Islamic banks handle all commercial banks pending the issuance of Islamic banking law which will regulate it, and cooperation with the Central Bank of Iraq for the purpose of launching the National divider project and encourage the transfer of modern technology to the banking business in Iraq and the expansion of the electronic banking services. He concluded by referring to the formation of a committee of banks and financial institutions and non-governmental organizations concerned with the economy and economic figures to follow the recommendations.