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Al-Nusseiri hails the Central Bank's actions in developing and reforming the banking sector

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rocky
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Al-Nusseiri hails the Central Bank's actions in developing and reforming the banking sector

Post by rocky on Fri 13 Oct 2017, 10:49 am

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Al-Nusseiri hails the Central Bank's actions in developing and reforming the banking sector

The economic and banking adviser, Samir Nusairi, praised the developmental and reform measures carried out by the Central Bank of Iraq two years ago to meet the challenges faced by Iraqi banks because of the economic and financial crisis experienced by Iraq.

Al-Nusairi said during his participation in the symposium held by the Higher Institute for Accounting and Financial Studies at the University of Baghdad entitled "The requirements of financial and monetary reform in Iraq under the direction of the International Monetary Fund" and attended by "Economy News", "The Central Bank of Iraq has taken the measures of evolution and reform two years ago to meet the challenges Which suffer from the Iraqi banks because of the economic and financial crisis experienced by Iraq because of falling oil prices and the war on terrorism and structural and structural imbalance in the management of the economy, "noting that" despite the Central Bank to prepare and launch a strategy for the years (201) 6-2020), which included primary and secondary objectives to achieve financial stability and develop the banking system in accordance with new mechanisms and work points. However, this does not prevent the Bank from adopting visions and proposals through the Central Bank and the Ministry of Finance analyzing the current and expected financial position of the banks (2017-2020) To activate the economic cycle in all areas and to develop a proactive plan to prevent bankruptcy and the collapse of some banks and the maintenance of the wheel of banking under the current circumstances and the use of new mechanisms and tools for monetary policy applications.

He added that "the current banking financing structure is plagued by many failures and obstacles and in order to increase credit and total funding from banks and to activate their contribution to various aspects of investment and reconstruction and to push the development process and move the economic cycle in Iraq, we see a serious step is to re-examine the policy of lending and bank financing and activating the optimization of financing private projects Small and medium as a social and economic objective with special priority and urgent and that the Central Bank of Iraq has an effective supervisory and supervisory role. "

He pointed out "the importance of activating the role of government banks, specialized banks and private banks to provide easy loans to the private sector, national individuals and companies in accordance with the initiative of the Central Bank to finance small and medium enterprises as well as finding solutions to the problems of taxes and accumulated benefits of the owners of projects suspended production.

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