The banking system and economic crises

The banking system and economic crises

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Friday, February 28, 2020
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The banking system and economic crises
Samir Al-Nassiri
 
Government and private banks have been able to contribute to financial and monetary stability and conduct banking in the circumstances of demonstrations and peaceful popular movement that began since October 1 last year compared to the confusion of banking in other countries that have already experienced the same circumstances or She's still going through similar circumstances.
This confirms the integrity of the policies and procedures established by the Central Bank in the implementation of monetary policy and the strict implementation of by the banks in the implementation of its strategy for the years (2016) and the structural, structural and technical developments that contributed to the emergence of prominent features to achieve Financial and monetary stability, 
This has strengthened the central bank's support for the national economy during economic and financial crises, a bright spot and a success experience in a country in dire and complex circumstances that is the most difficult to meet the challenges. 
Economics.
The efforts, prudent policies, good monetary policy applications and development actions of the banking sector in stimulating economic growth, financial inclusion, structural and institutional construction, and optimal investment in human capital have led to important achievements, most notably: maintaining its proportions. No more than 2% and at a level of foreign reserves within rates higher than accepted by international standards, with iraq's foreign cash reserves amounting to more than 80 billion 
A dollar. 
Building the banking sector in regulatory, supervisory and supervisory, establishing new units within the regulatory structures of banks such as compliance, anti-money laundering, terrorist financing, credit and operational risk management, the issuance of the Money Laundering Law 39 of 2015 and the formation of the Anti-Money Laundering Board Terrorist financing, the development of payment systems, the application of all retail and mobile payments, the establishment of the national pbx, and the application of international standards in financial reports in line with the principle of transparency and disclosure, and the formation of the Payments Board.
In addition, efforts are being made on a daily basis to stimulate financial inclusion processes, the formation of the High Committee for Financial Inclusion, and the development of a national strategy for financial inclusion and focus on the project of localizing employees' salaries in order to raise the financial coverage rate of the population without accounts in the system. For the purpose of restoring confidence in the banking sector, as well as establishing a deposit guarantee company with the aim of raising the savings rate of banks and reducing the rate of home hoarding and thus stimulating the economy through the activation of investment and banking financing, taking regulatory and structural measures and creating a center Depositing on the Iraqi Stock Exchange and establishing a national information center 
Credit.
The positive aspects above in our banks confirm that they still need government support by implementing all previous decisions of the Council of Ministers and the Economic Affairs Committee, which unfortunately did not 
It is activated by the relevant authorities.
I also believe that banks should overcome the failures and constraints of self-employment that have led to a lack of customer confidence in their banking transactions, and the intention here is the distressed banks diagnosed by the Central Bank, the Association of Iraqi Private Banks and citizens.

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