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No real growth in the economy without advanced banking services
3/29/2016 0:00
[rtl] Adnan Kanani
economic growth in modern Iraq can not be released without a growth in the overall and sectoral economic indicators of the economy with an increase in the volume of investment inorder to raise and improve the living standards
of the citizens.
The GDP one of the important indicators , where he expresses the economic performance of the country 's efficiency and the development of the national income , which will reflect on theimprovement of per capita income and economic and social well - being of the individual.
the oil can be considered as the main source for the growth of the Iraqi economy through large fiscal revenues , where the Iraqi economy dependent Klaaaly oil exports and revenues to finance the federal budget , which Almsdralosas in financing for development and investment spending government programs. But in Iraq , the financial returns of oil did not invest in thedevelopment of existing industries or create a new industry and that is what we observe through the paralysis of our national industry and our agriculture and its dependence on import for the needs of the local market and providing food basket and opened the floodgates offoreign industrial and agricultural products , which invaded our markets and destroyed our economy . as
well as the longer average per capita one income and economic growth measurable indicators, as an increase in real per capita income Ooxiaodh its ability to meet the needs means achieve economic growth in the country , which leads to people 's livelihood improvement.
the provision of job opportunities for citizens and the elimination of unemployment is another indicator of economic growth as well as providing goods and services required to satisfy theneeds of citizens and to improve the health, educational and cultural level, as economic growth reflects reduce social and economic disparities between the layers of the society, as well as areflection of that growth to the improvement of the balance of payments and to achieve thenational security
of the state.
social justice is the most important requirements of economic development as the lack ofavailability lead to a breach in the development process, and reflects the economic growth and development of the remarkable economic development index.
the previous policy had removed Iraq from the growth circle to circle of underdevelopment where Iraq is rated at UN statistics among the poorest countries , despite its natural resources, and the most corrupt for TI, and to facilitate financial transactions in order to measure advanced on the Iraqi economy as a whole banking system effect, where you can not achieve positive results without providing sophisticated banking services taking place in the banking sector in the
world.
for the purpose of activating the role of the Iraqi banking sector must speed up bank transfer state (Rafidain and Rasheed) to joint - stock companies, and the introduction of modern mechanisms of action in the banking activity and provide international technological support rapid , especially since the government and private banks lagging keep pace with the rapid development of the products modern banking services and focus made on the need forcoordination and complementarity between monetary policy and other economic policies, particularly fiscal policy.
there is a clear reduction in the investments that we feel is caused by the weakness of thebanking and financial sound environment, and the lack of necessary credit, in addition to thelack of clarity in the decisions issued by the Central Bank of Iraq, particularly with regard tointerest rates.
necessary to expand the use of more monetary policy instruments and the balance between the objectives of policy cash and cash instruments at the same time to ensure that there is no inconsistency between them, hopefully the application of the most important international accounting standards and the standards of the Basel Committee 1, 2 and 3.
the presence of financial control over the government and commercial banks and other financial institutions action that would lead to activating the performance of monetary policy inorder to reach to the harmonious and in parallel with international standards and practices , the environment and to the entire banking sector takes a major role in the development and accelerate the formation of a supreme body shall take clear and practical recommendations in order to build an effective strategy in Iraq to reform the banking and the achievement ofcurrent developments and future related to the banking system, because the activation of therole of government and private banks became now an urgent need not accept the delay and procrastination , because it stems from the philosophy of the current state based on free economy.[/rtl]
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