Al-Nasiri: Central Bank aims to build a solid banking sector in 2018

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Al-Nasiri: Central Bank aims to build a solid banking sector in 2018

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Samir Al Nusairi, the economic and banking advisor to the Association of Private Banks, affirmed that the Central Bank's adoption of standards and controls conforms to the requirements of international standards and the basic and subsidiary objectives of its strategy until 2020 and to activate and consolidate new visions of monetary policy applications for the purpose of achieving its objectives set out in Law No. 56 of 2004 based on transparency, disclosure and application of international standards And the confidence in banking transactions between him and banks and thus building a solid banking sector will be one of its important objectives in 2018.Pointing out to the demand of the banking departments in cooperation with the quality departments in the central bank to implement the instructions and the rules and regulations and executive decisions issued by the higher authorities and that the implementation is in line with the spirit and contents of the instructions and to enhance the continuation of the provision of banking services to customers and achieve the objectives of monetary policy and continued efforts made by the exception of the Association of Banks Banks are improving their banking reputation with international financial institutions and organizations and correspondent banks.

Al Nusairi said that the Central Bank has worked during the past two years with deliberate and sequential steps and coordinated with the concerned international bodies and building strong relations with the Arab and foreign central banks as well as the Association of Banks to move across the Arab and foreign countries to clarify the bright points of the Iraqi banking sector and developments during 2016 and 2017 and in coordination with The Central Bank, where procedural, regulatory and structural policies were drawn up and issued its strategy for the years (2016-2020) and set its objectives to achieve financial stability and develop banking work technically, structurally and organizationally with a view to achieving financial coverage. Has prepared and laid the foundations of financial and technical appropriate to the reality of the Iraqi economy and the mechanisms of banking work, which formed a solid base on the scale of the home and abroad, which led to the transfer of the state of the Iraqi economy in its main rings and the most prominent financial sector from the stage of gray to follow-up and was expected to move to another advanced stage in the

He added that all this led the Central Bank to plan for a new phase in 2018 based on the following pillars: - 

1 - Working and dealing with banks Balayat and standards of work and a new assessment of the pressures of specific instructions and give them the flexibility and privileges and facilities to achieve many of the central objectives in economic and banking reform is transparent and transparent, with strict adherence to the application of international standards adopted.  

2 - Dealing with banks based on the provision of new and high-level banking services and products and restore public confidence in the banking sector and achieve a strategy of financial inclusion. In addition to its results and the extent of its commitment to implement the monetary policy directions of the Central Bank and reflect on its actual contribution to GDP and its contribution to sustainable development and its transition from the role of banking to the developmental role.                                                     

 3- Dealing with banks in accordance with the evaluation and classification criteria adopted by the Central Bank in accordance with international standards. He concluded by saying that the Central Bank has introduced new policies and visions and mechanisms of smooth implementation, but it is monitored and followed up on a daily and accurate basis inside and outside Iraq in order to achieve the above economic goals and strengthen international banking relations with the international banks in order to serve our national economy and the banking sector.

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