Governor of the Central Bank of Lebanon and the Governor of the Central Bank of Iraq, Iraq Inaugurate Third Banking Forum[You must be registered and logged in to see this image.]
January 11 2017 13:02 pm
This morning the opening of Iraq's third-banking Forum (Phoenicia Hotel) and regulated by the Central Bank of Iraq and Wal-Aamal Group in cooperation with the Central Bank of Lebanon and the Association of Iraqi private banks and the Association of Banks in Lebanon.
The forum attracted about 300 participants from the Iraqi and Lebanese bankers.
He spoke at the opening of both: the governor of the Bank of Lebanon Riad Salameh, governor of the Central Bank of Iraq d. Keywords Ali, president of Association of Banks in Lebanon d. Joseph Tarabay, Chairman of the Association of private banks in Iraq and Wadih Handal and CEO of Wal-Aamal Group Raouf Abou Zaki.
Initiated the Central Bank of Lebanon Governor Riad Salameh his speech, referring to the quest BDL hard to establish better relations with the Arab central banks, particularly the Central Bank of Iraq, because of the importance of this relationship in the exchange of banking technologies that enable the convergence of Qtaina bankers. But this convergence a positive impact on the economy in both countries.
He stressed that the Lebanese banking system is based on matching financial legislation with international requirements and practices fit and regulations relating to good governance and compliance, thereby maintaining our banking sector's involvement in financial globalization and preserve good relations with correspondent banks. He pointed out that the Lebanese banking system is also based on coordination between the regulation and control devices, as it provides useful exchange via the Governor of the Central Bank of Lebanon to the information available to each regulatory body.
Salameh said that the Lebanese legislator put all these regulatory bodies under the supervision of the governor of the Bank of Lebanon, the desire to avoid any crisis affecting the banking system in Lebanon. Note that of the main causes of the financial crisis in 2008, the lack of communication and coordination between the regulatory bodies in many developed countries.
He said, the Lebanese banking system is based on an effective and advanced propulsion systems. We look forward positively to the initiative taken by the Arab Monetary Fund to set up a special payment system that the Arab countries.
Salama added that the changes taking place in our world urges us to militancy in the application of international standards and the continued fulfillment of international requirements. Vatvee (Group sleeping lion has been confirmed) that Lebanon has met all the conditions required of it in terms of law and practice. It is also the basis for the OECD Lebanon is among the countries that met what is required of them in terms of the fight against tax evasion. After that we asked the International Monetary Fund that the study on our banking sector, the results were unacceptable, and we will publish later this report on the IMF website. In addition, the Central Bank has issued circulars to the establishment of a compliance department at all banks, even at the BDL, making the Lebanese banking system, modern and scalable system to deal internationally with foreign banks because it has the mechanism to ensure the legitimacy of the money that passes through Lebanese banks.
He pointed out that Lebanese banks operating assets outside Lebanon is estimated at US $ 38 billion, of which 'capital is estimated at four billion dollars, announcing a continuation of the Bank of Lebanon cope with the banking spread externally, putting controls so that those wishing to work banks outside Lebanon positive feasibility after you take into account the application of the model Lebanese banking in its business abroad has been issued popularization of the Bank of Lebanon in this regard, and that the spread of private funded potential issuance of instruments issued in foreign currencies and will soon be circulating for this purpose.
Dr.. On the Keywords
He noted the governor of the Iraqi Central Bank d. On the Keywords Lebanese banks, which were among the first to enter the Iraqi market despite the challenging environment has enabled its confidence-inspiring to survive and continue growth, and wished the continuation of interaction with Iraqi banks to help them develop.
He d. Keywords that 2016 was a challenging year for perhaps the hardest with Iraq during the past years as the country faced a financial and economic challenges in addition to confront the forces of terrorism and to engage in the fight against Daesh to rid the country of criminality. Last year was a difficult year and get out of it was a major challenge for the country and its institutions of all stripes and look forward to the year 2017 promise of hope and goodness.
He pointed out there are signs for optimism in the improvement in the financial and economic situation and oil prices that would ease the deficit suffered by Iraq, as there is a global crowd to support the areas affected by terrorism.
He said that under the agreement signed with the International Monetary Fund for Iraq will receive payments of up to $ 18 billion this money has begun to respond to Iraq.
He talked about the Central Bank of Iraq and the role he played in the restoration of financial and economic situation in Iraq and fill the imbalance in the budget deficit and the resulting decline as a result the vital tributary of the economy and oil prices, which reached a rate of 75 percent. The bank gave in this context about 23 trillion Iraqi dinars for liquidity support and the Treasury has had a direct impact in stopping the dangerous state of collapse that could have crippled the country.
He added. Keywords The CBI has also stimulate economic activity through lending to small and medium enterprises have averaged a $ 6 trillion dinars, and is the size of these loans of the largest in the history of the central bank. He pointed to the bank to continue implementation of the plans and programs that will update the banking sector and stimulate the economy and stability, such as the development of electronic payment system. He continued explaining the transition to prudential supervision and enhance compliance and governance and classification of international accounting standards and the international number arithmetic and the law of anti-money laundering standards. Also continue its efforts to enhance the confidence of the Iraqi banking sector to attract savings and promote cooperation with the public. D also stressed. Keywords central bank support for Islamic banks and Islamic financial activity in the country.
Dr.. Joseph Tarabay
And dashed president of Association of Banks in Lebanon d. Joseph Tarabay of positive phase shift in Lebanon, hoping to enhance political stability and security, and have the fruits of economic, financial and investment implications, what constitutes appropriate climates, engines typical of the activities of the financial sector, and within the banking activity.
He stressed that the Arab financial cooperation, which is originally a vital tributary of the joint Arab action system. The Lebanese banking sector has always been and continues believer in the primacy of the Arab partnerships at the bilateral and collective. Banking and our units are replete with contributions and the capital of Arab, and our most nearby markets and foreign direct presence through the units and branches belonging to 33 Arab and foreign countries, and through the historical and renewed relationships with business owners and investors networks, and with the Lebanese communities scattered work and alienation in the sisterly and friendly countries.
He pointed to the opening up of Lebanon, its people and its economy on the whole world, especially the Arab world, we've given differential features turned him Beirut to advanced financial center in the region. He said that this site remained steadfast despite the internal situation and the repercussions of the deterioration and unrest in the region, and the pillars continued steady, thanks to maintain Lebanese banks on the elements of strength and growth of outstanding high and competitiveness, especially human and technical them, supported in all this sound and vision of a forward-looking monetary policies conscious balance carefully between aspirations and risks, and stimulating at present reformist trends shown by the new Testament, headed by General Michel Aoun, government Balantlaqh promising headed by Sheikh Saad al-Hariri.
He added. It is our destiny Tarabay said earlier that financial globalization is not a luxury nor a selective choice. So we engage our sector, association and professional units active in professional workshops communicative to keep up with international and sovereign laws in the fight against illicit funds and bridging the financial and tax crimes outlets, alongside the core task of the adoption of the latest simulation of structural and technological, legal, regulatory and accounting developments in the banking industry and financial transfers across the border .
This is a strategic path employ his expertise and effort consuming and costly, reinforced and then add the commitment of our banks and the legal system and procedural oversight complementary and integrated managed by the monetary authority with all its components, led by His Excellency the Governor Riad Salameh. This is our choice and that our vision and our strategy adopted in the banking fortify our units, and ensure the safety of its operations in domestic and foreign markets, and maintain and strengthen its network of relationships with the monetary and fiscal authorities and foreign correspondent banks.
He explained d. Tarabay that this forum Iraqi banks in Beirut particularly suitable, referring to a series of the most important points of our commitment to our units operating, which starts from the principle of cooperation with all the components of the Iraqi authority and the relationship with the financial and banking authorities. Praising the direct communication policy and effectiveness that is supported by His Excellency the Governor Dr. Ali Keywords with the leaders of the banks operating in the country, national and Uadh. Also, our banks were among the first to enter Iraq, which is most prevalent in number and activity among the expatriate banks. Our economic and financial cooperation between the two countries service, and keep up with the banking and financing needs of traders, exporters and importers, and insurance services and products refined in accordance with international standards, and for the benefit of citizens and economy and its institutions and its companies, with strict compliance with the directives of the Central Bank of Iraq and instructions, as well as the Central Bank of Lebanon Help commitment regarding the operating units Abroad. D also noted. Tarabay to our participation Iraqis pain that they suffer in open war on terror, and full solidarity with their efforts and their efforts to rebuild the state and its institutions, we consider that our banking sector, which manages assets of over $ 200 billion, qualified and ready to be the brother of a partner in the rebuilding and reconstruction phase, through direct funding within the legal ceilings available, and through the attraction and management of co-financing operations.
He added that Lebanese banks have as an association professional and Kadarat and cadres in charge of units active inside and outside Lebanon, asset known for his success and excellence in business management and banking activities in the stages of distress and crisis as in the stages of advancement and growth and the banking sectors of our sum, governed and bound her entire interest in keeping up the implementation of the rules international compliance and drying of financial channels for terrorist financing and anti-money laundering and contribute seriously to prevent tax evasion, corruption and bridging funds outlets.
The head of the Iraqi private banks association Wadih Handal said the Iraqi banking sector directly affected the economic and financial crisis that has plagued Iraq because of the drop in world oil prices and the war on terrorism and economic recession in the region and the world, but nevertheless managed banks and under the direct supervision and fruitful cooperation with the Central Bank of Iraq the diagnosis of the challenges facing banks and determine the economic means to overcome them and create new opportunities to the Iraqi banking sector will continue to contribute to meet the challenges and risks of compliance and anti-money laundering and terrorism financing and application of standards and regulations and international law and that it must abide by and implement the rules contained therein notable among these risks is reputational risk and its impact on banking relations with Arab and foreign correspondent banks. As well as the development of structural and organizational structures of the banking sector. And the training and qualification of human resources banking. Where the association has made visible efforts in 2016 and was able to train more than 200 employees and within its plan for 2017, targeting the training of 450 staff in all terms of reference for the banking business.
He pointed out that the Association operates in the light of the coordination and cooperation with the Central Bank to carry out his plan to the year 2017 on the subject of dealing with the banks and the adoption of classification of banks according to the efficiency of performance and standards and comply with the instructions in force in support of the Iraqi economy and the revitalization of the economic cycle where the CBI initiative to allocate 6 trillion dinars to finance small and medium enterprises the benefits of a symbolic and facilities and procedures flexible for the public to get a transformative loans for their projects stalled and projects under development for the purpose of achieving economic and social objective at the same time it is the operation of labor for labor, especially graduates from various colleges and stimulate the economy in the sectors of all the focus on agricultural and industrial projects and housing.
Handal said the Association of Banks painted a future plan for 2017 and subsequent years on cooperation with the Central Bank in achieving key strategic and sub-goals by supporting banks and care and to assist them to promote basic tasks.
Raouf Abu Zaki
Speaking Group Chief Executive of Economics and Business Raouf Abu Zaki pointed out that holding the forum in Beirut particular emphasis on its importance, and the proof of its success in achieving its desired goals, both in terms of lighting on the developments of the Iraqi banking sector or in relation to the promotion of banking relations between Lebanon and Iraq.
He added that the forum takes place at a time when Lebanon start of a new era capping the election of His Excellency President General Michel Aoun, President of the Republic, and the formation of a government headed by Prime Minister Saad al-Hariri, and bringing with it the promise of a new era of political stability and economic recovery. This enhances the visit of President Michel Aoun to Saudi Arabia and Qatar as a prelude Gulf and Arab wider tour, which is of paramount importance at this time to confirm the incubation Arab Lebanon, confirmed the keenness of Lebanon to establish better relations with the sisterly Arab countries at the forefront of the Arab Gulf countries. The forum comes in conjunction with Iraq is looking forward to the spring and a check on the political and security levels so that simplifies the Iraq authority over all its territory Vistaid political and security stability and resume the path of development.
He noted Abou Zaki qualified by the Lebanese banking sector to establish a constructive partnership with the Iraqi banking sector. Lebanon was the first to enter the Iraqi banking market after opening up to the private sector. In less than a decade, is now present in Iraq 10 Lebanese banks operating through about 25 branches distributed between Baghdad and Basra, Najaf, Erbil and Sulaymaniyah. Lebanese banks have become the backbone of non-Iraqi private banks.
He said Abu Zaki, praising the experience of Iraq in the field of relatively recent private banking sector and raised in Bus challenging conditions and obstacles, but this experience take hold by the day thanks to the vision of the Central Bank of Iraq and the belief in the importance of private sector participation in achieving development and economic advancement.
He pointed to the positive development of sustained relations between the Central Bank of Iraq and the Lebanese banks operating in Iraq, most recently the bank's initiative to increase the capital of the Lebanese banks, and the facilities provided by both in terms of maturity repayment or in terms of the nature of the deposit of capital.
We also note the Lebanese banks operating in Iraq's commitment to the laws, circulars and its intention to expand its activities and develop its services and products thanks to rich experience in Lebanon.
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