Central: The reality of the Iraqi economy makes it imperative to develop financial operations

Central: The reality of the Iraqi economy makes it imperative to develop financial operations



5/10/2017 0:00

BAGHDAD / Hussein Tgb
Central Bank of Iraq stresses the need to develop the financial sector to be effective in the process of economic development through products that support this trend and develop the productive and service sectors under the possession of the country most of the elements of the development of this vital sector , which is taken to expand dramatically in the last period through the introduction of new banks and the opening of branches of international banks and various regional provinces.
This positive awakening requires the adoption of the mechanisms of the Court to develop the financial sector and create a real banking products promote this economic detailed the most important, and to be the goals of development banks purely so that the same products made in the countries of the world and neighbors alike progress , "according to Khbayra in the financial sector."
Iraqi Central Bank Governor Dr. Keywords Ali said that the central supportive of the efforts of Iraqi banks, in order to activate its role and provide the best products through the adoption of advanced technologies, especially some Islamic banks. He said during his visit to the Islamic International Bank: that the reality of the Iraqi economy requires us to develop banking operations in accordance with the visions of creating a financial sector Mthalaa.mn through our follow - up to the reality of the work of banks have seen a real desire in the presence of expansion products.
Islamic banking expert Haider Chandler said the banking sector is required to provide purely banking services, and does not depend on a specific aspect as if the auction process, pointing out that the expansion of banking products based on the development of the Iraqi capital sector.
He pointed out that the Islamic banks came with new products in harmony and desires of a large segment of the beneficiaries and companies, especially the products that was established for it with properties that meet the desires of a large segment of citizens Kastsnaa and culture, pointing out that the two products must be return to life again , where contribute to the revival of industrial and agricultural production, noting that most of the Islamic banks, including the National Islamic moving in this direction.
And he demanded that there is an active role for the state in the protection of domestic production in order to contribute to the Islamic banks to engage in urgent support projects across Astsnaa and culture , which provide the necessary funding for the development of domestic production. E - Payment Chandler said that the Islamic banking products including electronic payment cards operate in 112 countries around the world and sings the beneficiary of the risks, and the costs of these services are very specific He pointed out that the expansion work e - Bachirvh leads to the development of the financial sector and reduce all forms of corruption accompanied by financial transactions and can benefit from the Indian experience in this important joint. He urged the need to abide by legal procedures that accompany banking operations, particularly in the granting of loans detailed and be more stringent law in securing the rights of banks to be able to create a continuous cycle of loan allocations include the largest number of beneficiaries. He stressed that small loans can do the productive base in Iraq , which has the elements of the establishment of major industries in the world, as can small and medium enterprises to be supportive of major industries as in the advanced industrial countries, pointing out that the repayment of loans culture are necessary and must be aware of the employee and the citizen the importance of repayment of the loan granted by banks, pointing to the importance of government departments to be dolly to this process by fulfilling through the guarantors of the loan to ensure the smooth flow of the target set. Chandler between the importance of the role of the national divider in the financial activity, stressing that most of the banks will be linked to this advanced system that provides large amounts were allocated as costs of financial services and will be 2 after thousands were 2 percent. The function of double turn specialist in economic affairs Haider Kadhim al - Baghdadi addressed the subject of the settlement of salaries and between its importance in providing liquidity to the financial sector and make cash functioning positive duality through advanced products through payment ebook and pay for salaries through and kept in the banks and support the citizen electronic card containing the amount in spending on their needs, so it can benefit from the operating budget in the activation of the capital cycle to serve the economy national. And restore confidence between the citizen 's banking sector , said al - Baghdadi , that this matter needs to be no legal guarantees, indicating that the deposit guarantee law is the cornerstone of this topic and its application is true to move liquidity in the right direction and transfer to the banking sector , which Ciozvha in the national economy first . The estimated volume of liquidity in Iraq to 47 trillion Iraqi dinars in homes around hoarding 70 percent of this amount , according to indicators of specialized centers and finance experts. Baghdadi said the Iraq environment attractive Allaamal and many international and regional banks willing to work in Iraq and began to open branches, pointing out that this leads us to claim to deal with these banks equally and that are dealing with our banks abroad attention itself , which Nbdi, her pointing to the importance of to be a role developmentally purely and raise its list periodically by the relevant authorities and stand at how to achieve developmental goals.

[You must be registered and logged in to see this link.]

So you don't say...