Iraqi banks tend to restructuring

Iraqi banks tend to restructuring

March 9th, 2016

Keywords in his work of the Iraqi Finance Forum in Beirut

The start of the Iraqi Finance Forum in Beirut

Baghdad morning 's New:

approved the Governor of the Central Bank of Iraq on the Keywords, there were "problems" in Iraqi banks, and " the need for reforms and control in turn requires restructuring of the Central Bank is working to achieve them."

He pointed at a seminar organized by the "Institute progress development Studies "in Baghdad, to the " great challenges facing banks work with government and the private sector, even with the citizen, and to the problems of the difficulty of recovery of non - performing loans, and other realistic ones deposits of private banks in the amount of 7 trillion dinars Kurdistan region (about 6 billion US dollars), used in the region is the latest big tremor in the work of these banks. "

also did not lose sight of " the government 's inability to pay contractors benefits, as well as a significant deficiency in these banks administrations. "

He called Keywords need to " resort to the banking merger to strengthen the sector, as it does not need market to 50 banks do not have the capacity to contribute to development. "

He pointed to the " Do not allow Islamic banks that passed finally have access to the currency auction, only after making sure that practice Islamic banking activity properly. "

the display Keywords strategic plan of the Central Bank of Iraq between 2016 and 2020, which is "derived objectives of public policy of the state in the construction of a free market economy, based on market factors, competition, and enable the private sector to play a role based on economic development."

he announced that the strategic goal of the plan is to "build a comprehensive framework for achieving financial stability, and enhance the built -up full control over the dangers systems, through the development of a framework for supervisory complies with the requirements of the "Basel", with the application of the unified calendar on banking standards, and protect the financial system , developing a national strategy to combat money laundering and terrorist financing, as well as take the necessary measures to join the organization . " Egmont. "

the plan aims too," Strengthening consumer protection, and work on exchange rate stability through diversification of investment tools, the introduction of a new currency convertible and activate the structure of interest rates and the withdrawal of surplus cash. "

He pointed to the problem" faced by the Central Bank of Iraq, which is that the cash flows secured from the outside only sell oil and to go to the Ministry of money exclusively, you do not need to the dollar but to the dinar to finance government spending. " Therefore , " the ministry resorted to selling the dollar the central bank for the dinar, which sells bank in the market to create a balance and coverage of imports." On

the other hand, was launched in the capital , Beirut agenda of the World Conference and Exhibition on third for the financial and banking services in Iraq (Iraq Finance 2016), under the slogan «banking sector , financial inclusion and a pillar of sustainable development gate», organized by the company «Szimksko» Iraq, under the auspices of the Central Bank of Iraq and cooperation with the «Bank of Lebanon» ( the Central Bank of Lebanon), and the participation of ministries and banks , and the body of national investment.

focused the conference on finance and industry development banking and investment in Iraq, and is limited to the purpose of organizing this conference to develop the infrastructure of the banks and financial institutions in Iraq through the activation of cooperation between the Iraqi and the central ministries and banks Iraqi and relevant financial institutions on the one hand, banks and international financial institutions and international investors on the other.

addressed the plenary of the Iraqi Central bank plans and strategies, and financial reforms that government is trying to implement to attract investors, and the future of the State - owned banks, and the role of Islamic banks, and the role of the Iraqi financial markets to support the economy, the current situation of the banking sector and the participation of foreign lending companies, and technological environment and its central role in driving innovation and risk mitigation, as well as sources financing for large projects and infrastructure, and the development of Iraq Stock Exchange, funding opportunities for the private sector of Iraq.

He spoke Governor of the Central Bank on the Keywords during his speech at the Forum on great opportunities to diversify the production base offered by the application of this approach, pointing out that commodity production contribution of the total output of 16% only, which means that there is ample room for the growth of agriculture and industry, in this context refers to the approaching Iraq to achieve self - sufficiency in wheat production, while imports millions of tons annually Keywords and said that the banking sector 's important role in the growth and reduce the unemployment rate in Iraq support and through the funding of various sectors and expand the purchasing power of citizens.