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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Samir al-Nusairi: The private sector must be involved in economic decision-making and represented i

    Rocky
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    Samir al-Nusairi: The private sector must be involved in economic decision-making and represented i Empty Samir al-Nusairi: The private sector must be involved in economic decision-making and represented i

    Post by Rocky Tue 20 Aug 2019, 2:57 am

     Samir al-Nusairi: The private sector must be involved in economic decision-making and represented in the Council of Ministers meetings

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    The economic and banking adviser to the Association of Iraqi private banks Samir al-Nusairi, Monday, the need for the participation of the private sector in economic decision-making.
    Speaking in an interview with the "Economy News" on the challenges of the Iraqi economy and opportunities for reform of the banking sector in the government curriculum and prospects for the future of the national economy in light of the efforts being made to establish the Council of the private sector and its leadership of the economy in Iraq Vision 2030 in accordance with the strategy of private sector development for the years (2014‐ The role of the Central Bank in the digital transformation of the Iraqi banking sector and its role in achieving financial inclusion.
    The dialogue was as follows:
    * What are the opportunities for reform and development of the banking sector in the government curriculum?
    - In the fourth pillar of the government curriculum (strengthening the economy), the government timetable for the government and private banking sector was defined and policies were set to implement the following objectives:
    1. Development of the system banking Iraqi and enhance the confidence of the citizens it.
    2-converting banks to function core , a lending of for development.
    3 - Banks that do not provide loans and banking facilities that assist in development lose their meaning as banks, which requires a specific attitude towards them from the Central Bank.
    4. Banks are the lever of development and the importance of the Ministry of Finance and theCentral Bank to support banks and develop their functions and not to rely on their presence on thecurrency window .
    5 - Seeking to move from a paper currency economy to a symbolic and electronic currencyeconomy and withdraw funds outside the banking cycle and enter them into the banking system.
    All the above objectives , although the period for implementation, according to the Government 'sprogram of time ranging from (1 -4 years) , but the central bank 's strategy for the years (2016-2020) achieved the goals of many of the goals of the government curriculum above and painted thenecessary policies and standards to achieve the goals in stages , which This led to the evaluation and classification of banks based on their achievement of the planned objectives. Some banks are moving towards the required development. Banks still need an additional period of time to achieve the objectives. There are non-performing banks that are now making extraordinary efforts by the bank to centralize and administer these banks to rehabilitate them.
    What is important to us here is the real functional role of banks in providing loans and banking facilities and the transition from the role of banking to the development role There are two important observations to be taken into account with regard to the issue of loans and banking facilities to stimulate the economy:
    First: The nature of the activities of banks depends on the nature of the activities of economic sectors, and as long as the economic activity is concentrated in trade (imports) banks activity remains focused on external transfer and related .. Therefore, unless other sectors (industry, agriculture, tourism and other) move to expect diversity of activity Banking.
    Without control of imports, these sectors will not rise, which explains the lack of serious loans through the Central Bank initiative.
    Second: We must provide the legal environment and the extension of the rule of law in order to eliminate the phenomenon of default in repayment of loans and thus the reluctance of banks to provide loans and facilities.
    Q: What is your vision of economic reform in Iraq?
    In the light of my study and analysis of the reality of the Iraqi economy and the challenges faced during the sixteen years I reached my vision of economic reform has been fixed in my book (my vision of economic reform in Iraq) as follows: -
    1. Draw a road map at the phased and strategic level to reformulate the new economic approach for Iraq, which adopts the mechanisms of transition to a social market economy in accordance with Article 25 of the Constitution by re-evaluating and reviewing the structural, structural, institutional and legislative system of economic management. Also review and evaluate the basis of coordination between the financial and monetary policies. Review the structure and presentation of the general budget and move it from the budget of the items to the program budget.
    2. Adopting the policies set out in the National Development Plan for 2018-2022 and the Iraq Vision 2030 and activating the decisions reached by the Joint Expert Committees formed in the Council of Ministers in 2015 for each of the productive economic sectors. The implementation of the road map for each economic sector is subject to follow-up and monitoring. And evaluation.
    3 - Form a joint legal committee between the government and the private sector to re-draft and amend and issue new laws and activate all laws issued and currently pending that govern the management of the economic process and serve the application of the road map that is approved, which is all the laws of the legislative environment that regulate and manage the Iraqi economy in a new method, most notably the Banking Law and Partnership between government, private sector and local product protection law.
    4- Establishing the Private Sector Council, whose tasks will be in accordance with the strategy for the development of the private sector for the years (2014-2030). We hope that the Council will come to light soon in order to exercise its duties in formulating policies, strategies and visions to lead the economy in the next phase.
    5. Involve the private sector in economic decision-making and represent it in the presence of meetings of the Council of Ministers and the Committee on Economic Affairs of the Council of Ministers as a genuine member and the advisors and all opinion bodies in the economic ministries.
    6. Establishing a central follow-up body linked to the Council of Ministers and representing the private sector. Its task is to follow up the implementation of the economic and investment decisions of the Council of Ministers and to improve the business environment.
    * What is the role of the Central Bank, banks and financial technology companies in achieving financial inclusion?
    - With determination and high confidence in the ability of Iraqi financial and technical cadres to overcome the challenges of the technical gap suffered by Iraq because of the repercussions of the siege, wars and instability during the period of the information revolution.
    The Central Bank, banks and technical support companies have been able to overcome the challenges of the technical gap between Iraq and other countries with sound procedures and mechanisms and stand in the right direction in the darkest economic and security conditions suffered by our country during the past years and draw a sound road map to catch up with the technical developments in the world.
    The follower of the situation of Iraq during the past five years notes the extent of faith in the Iraqi capabilities and competencies on the events of change and bridging the technical gap between us and the developed world and this is evidenced by the important achievements have been achieved as follows: -
    1. The methodology that was adopted by the bank 's central focus is permanently on the   workunder the umbrella of the legislative , regulatory and legal sound as well as for strengthening theconcepts of governance and standards standard global with respect to information technology andfinancial technology.
    2. The issuance of a system of payment mail for money No. 3 of 2014 and the establishment of theCouncil of payments of national controls and governance and management of corporate ITinformation , communications , regulations and instructions of legal , which regulates the work ofbanks and providers of services electronic payment.
    3-exercise bank 's central role pivotal in the creation of built infrastructure , advanced and prosecution of the latest technology world and the development of systems of bank financial and banking systems and payments networks and communications developed according to the latesttechnologies.
    4-possession of the bank 's central systems push   advanced as well as for built retail payment was divided national of the most important parts.
    5. The granting of licenses for the work of many of the providers services payment mail (issuerscards and collectors and processing operations companies pay phone mobile and viewers bills and the gates of payment through channels different).
    6. Extensive attention to the implementation of the first objective of the Bank's strategy for the years (2016-2020) is to achieve financial stability through a sound financial system with emphasis on financial inclusion and risk reduction as well as the adoption of the project to localize the salaries of employees.
     It is clear from the above achievements that the Central Bank has overcome the challenges of the technical gap due to the siege, occupation and terrorism. ).
     
    * Samir al-Nusairi: an Iraqi economic and banking personality characterized by its scientific wealth and continuous economic and cultural contributions and has an insightful and analytical vision of the reality and challenges of the Iraqi economy for previous years and a clear methodology for economic and banking reform.
    This comes through his accumulated scientific and practical economic experience in the governmental and private economic institutions for many years in addition to authoring 7 books and a folder titled (My Vision for Economic Reform in Iraq) and the most recent new book (light in the end of the tunnel ... Visions and economic and banking studies) and all looking On the subject of economic and banking reform in addition to membership in several Arab and local economic organizations, most notably the International Union of Arab Bankers.

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