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Banking reform first step of economic reforms in Iraq

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rocky
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Banking reform first step of economic reforms in Iraq

Post by rocky on Fri 05 Feb 2016, 2:11 pm



Banking reform first step of economic reforms in Iraq




of Law No. 12 of 1991, which authorized the Central Bank of Iraq to allow private companies to contribute to the exercise of universal banking and license the establishment of private banks with capital returning the Iraqi private sector in order to give the role of the private banking sector in supporting the national economy during the economic embargo period on Iraq released and became an urgent need to play private banking sector role decree to him within the centralized economic system, an experience that has had its reasons and justifications objective and subjective. the number of these banks has grown and evolved its activities from year to year in conjunction with the government banking sector until it reached its contribution ratio to economic development and GDP up to 8% in in 2013 despite the fact that this figure is modest compared to the neighboring countries, the standard rates issued by the World Bank for the contribution of the banking sector in development. But the political, security and economic circumstances experienced by Iraq since 2003, and reduce the present time led to obtain crises and failures in the banking business because of the challenges and limitations and obstacles that the Iraqi banking sector suffered during that period Moreover, the banks have not received government support required and not give them the flexibilities needed to work banking and politics militant Iraqi Central Bank in the instructions and the mechanics of policy applications of cash despite the fact that this policy may have contributed one way or another to achieve monetary stability and the reduction of hyper-inflation and maintaining exchange balanced Iraqi dinar price despite the volatility in the cash market and speculation, as well as the central bank was able to build cash reserve foreigner good good contribution previously contributed and currently being a cover as secretary of the local currency and the guarantee that the overall economic collapse and during the years 2014 and 2015, Iraq presented to the economic crises is critical because of falling global oil prices and carry the war on terror expenses led to that country live a liquidity crisis suffocating and so for the adoption of Iraq's annual oil resources as a key resource it constitutes 93% of the total other resources and the lack of a sovereign fund (government reserves), similar to some of the producing and oil-exporting countries. Which led to obtain a central interest of the government in coordination with the private sector was preceded by popular demands for reform contributed to declare an ambitious economic reform package in order to overcome the current economic and financial crisis and in view of that without building a banking sector that sound can not build a sound national economy, we believe that in order to overcome the economic and our financial crisis must be the Iraqi banking sector reform because it is the first step of economic reforms for it was the contents of this book in your hands from the studies and insights and ideas and proposals and processors on the road to the banking reform proper, where deals with the first section consists of eight chapters talk about banking reform and in accordance with the conditions of objective and subjective current which passes by our country and the solutions and treatments executive and realistic, keeping in mind the current situation and the policies adopted and analyzed down to the reform required the second section consists of eight chapters talk about the reform of the banking sector, according to the economic approach to the government's program for the years 2014-2018 and currently in force, which is trying to government and the private sector activation and implementation within the specified schedule for him . We hope that we have contributed to the activation of the application of the economic reforms which are the port and the main gateway to all other reforms required and the first of these reforms is the reform of the Iraqi banking sector and I hope that will be written this is a reformist program of realistic and fit the application because its content is stems from the study and analysis of the reality experienced by Iraqi banks in the current economic conditions and proposals for reform and requires officials and experts in the government, researchers, economists and bankers study and benefit from it. the God of the intent behind
Samir Abbas Alnasiri 
researcher and economist
To provide

under the follow-up sustained efforts to develop the banking Arab sector, issued by the Union of Arab Banks book, 'reform the banking first step of economic reforms in Iraq,' the researcher and economist Samir Abbas Nasiri, so to keep up with economic developments, which consisted of trying hard to achieve a serious and vigorous reform in the sector Iraqi banking, which kicked off its impact since 2003, with the launch of the executive branch a series of measures aimed at strengthening the sector and improve competitiveness and attract foreign investment environment, in addition to monetary policies taken by the Iraqi Central Bank to raise the level of performance of the banking system institutions, and the degree of competition between the units and the strengthening of its ability to manage risk, through instructions define the regulatory framework governing the payment systems issuance, the issuance of a legal electronic payment and electronic transactions, increasing the commercial banks for their capital, in addition to measures aimed at reforming the banking sector, in particular the revision of the banking laws and regulations, and strengthen the reserve foreign cash reserves of gold in order to maintain the stability of the dinar exchange and enhance confidence in him to attract foreign investments to Iraq price. it is a basic reformist project is actually based on the study and analysis of the reality experienced by the Iraqi banks in the current economic circumstances, reviewing the crises and opportunities, and the first steps of economic reforms and the development of the private sector as a pillar essential economic reform, and national security strategies, the basic stepping stones for banking reforms of the Central Bank of Iraq. Then reviews the author, the proposed operational requirements for the program of financing small and medium enterprises, and the role of economic media in the reform, in addition to human banking resources development and the promotion of Islamic banking. Reviewed the author of monetary policy in Iraq for the next phase applications, and the project to delete the zeros of the Iraqi dinar. Expected on the Iraqi economy for the period 2015 and repercussions, 2018. This book is the result of distinct and cumulative efforts of the researcher Samir Nasiri, is considered the starting point for officials and professionals, researchers, economists and bankers, to take advantage of it in the foundation of the curriculum reform that brings the Iraqi banking sector to its leadership and its active role in promoting the national economy. Banking and as an instructor pilot are strong, experience and tradition and good efficiencies. The Union of Arab Banks, welcomes the efforts of researcher Samir Abbas Alnasiri flowing in this direction and encourages all constructive ideas for Iraq remains the most attractive investment country, the main competitor in the Arab and international financial markets. God Crown success. Sam Hassan FattouhSecretary-General




http://www.uabonline.org/en/books/issues/15751604157315891604157515811575160416051589158516/20860/0

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