Baghdad / Zahraa al-Jassim
Although experts on economic affairs describe the measures taken by the Central Bank recently to classify banks authorized to enter the window to sell the currency positively, but a number of members of the House of Representatives had another position, they attack the management of the bank. The deputies, including members of the parliamentary financial committee, considered that the measures that the bank says were based on professional standards, the most important of which are compliance with money laundering and liquidity requirements, and the needs of customers by banks, are invalid and have nothing to do with the law of the central bank and the banking law.
It seems that what prompted the central bank to take the latest action is not to meet some of the banks to the requirements of major international institutions such as the International Monetary Fund, the World Bank and the International Treasury Fund and international anti-money laundering institutions that set standards and requirements, while the central banks in countries responsible for verification, The Central Bank of the verification periodically of the banks' compliance with these requirements and in light of which the banks are evaluated and classified according to the talk of the Director of the Accounting Department in the Central Bank Ihsan Shamran al-Yasiri, who also confirms in an interview with (Mada), that the classification of banks on the basis of "We are now having a problem that most citizens have deposited their money in banks, but some of them do not meet the demand in time or in origin," he said. The criteria were developed by an international auditing firm, one of four major companies in the world, and the classification was presented to a fund. Cash The international who blessed him.
He continued: "A large number of banks have improved their situation, because the classification came to activate the competitiveness of banks to reach quality, we look forward to all banks reach the first classification" A ", which is under the category of this classification is complying with all the standards that we have indicated The classification is reviewed every three months, and if the bank's status improves, it is classified as follows: These measures are in line with the recommendations of the International Monetary Fund, as Iraq enters the countries emerging from the crises. Therefore, the IMF reviews and monitors the financial work. In accordance with our agreement with IFAD in the context of the Credit Counter For the sake of lending, all of our institutions must be operating ideally, one of the most important requirements of the Fund, but it is also one of the objectives of the Central Bank of Iraq to amend the system and the banking system that we do anyway.
The measures of the Central Bank to apply compliance standards face an attack by some, where the economist Majid al-Suri said in an interview with (the extent) that: This attack comes from those affected by that action, there is a very deep conflict with the Central Bank, "The critical decisions taken by the central bank's administration will lead to very positive results, but they need time when the conflict is so great and deep that some of these pressures are old. Related to the issue of conversion of banking companies To the Islamic banks bowing to the central earlier, but the serious approach now in the administration and not accept the entry of these banks to the window selling the currency until the capital is completed to 250 billion dinars is correct.
He continued: "Although the Islamic banks are investment and they have to understand that the window does not need, so the work of the Central Bank is not easy under these pressures, while being in the right direction, explaining that although the law says that the capital of Islamic banks is 100 billion dinars, It was through the parliament by people who have an interest in this law and this is unfortunate, but the instructions of the Central Bank said yes possible, but must reach those banks in three years to 250 billion dinars in capital, especially as one of the banking companies turned into a bank The result of the deception of the Central Bank and increase its capital to 250 billion dinars, so the central bank withdrew the license for this bank, while faced with the impact of a strong campaign is visible and invisible, while remaining in the past in its procedures.
According to the picture, confirms that the procedures of the Central Bank to impose entry criteria for the window of sale of currency is very positive and important, but also: It is true that all banks have the right to enter the window, but the criteria that should be applied to banks are those available in the classification "A" and "B" "C", which is an application of all laws and instructions related to the work of banks, has given the central bank of great importance to the process of compliance with its instructions after he gave a 40% assessment initially, but he wanted to raise it now to 60%, which is very important and positive, Through modern technology to implement the comprehensive banking system where there are t The bank and central bank hedge against what may happen in the latter as a result of mistakes committed or mismanagement or non-enforcement of laws, while fighting money laundering and all kinds of corruption exist, which certainly took a lot of time, is now going to apply, in addition to the standard The capital of the bank is 250 billion dinars, and the lack of access to the capital of some banks for that amount leads to the reduction of the classification, all this and although so far is not enough procedures, but positive and important.
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