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[size=45][size=41]The Central Bank announces work on preparing a lending strategy and recommends drawing up a plan to attract deposits[/size]
[You must be registered and logged in to see this link.]3 hours ago
4 minutes[/size]
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Today, Monday, the Central Bank of Iraq announced the size of the lending amounts within its initiatives for projects, and while confirming that it stimulated the economy in solving the housing problem, it revealed work on preparing a lending strategy.
The Governor of the Central Bank of Iraq, Ali Al-Alaq, said in a speech at a conference on activating lending programs in Iraq, followed by (Al-Oula News): “We extend our thanks to the Association of Banks and the American Agency for Development for keeping pace with the banking sector and attempts to advance it and push it with directions that achieve the desired goals of the Iraqi economy.” .
Al-Alaq added, "Bank lending represents the main pillar in the work of the banking sector, whether with regard to its revenues, profits, and operation, or with regard to economic activities in all its forms."
He pointed out that “the Central Bank was a pioneer in stimulating the lending capabilities of the banking sector, as we launched in 2015 an initiative that is perhaps the largest in the history of Iraq, and it was represented by allocating 5 trillion dinars for industrial, agricultural and housing projects, as well as a trillion dinars for small and medium projects,” noting that “this initiative It was able to greatly stimulate the Iraqi economy, whether at the level of some projects or in solving the housing problem by providing lending to the housing sector.”
He pointed out that “the amounts that have been lent so far amounted to about 13 trillion dinars, which is a very large amount,” adding, “We are now in the process of evaluating these initiatives, benefiting from lessons, putting them in the right directions, and focusing them on specific goals.”
He continued: “There will be a great focus in the next stage on financing small and medium enterprises, as well as with regard to projects or loans related to renewable energy in an attempt to contribute to the Central Bank in facing climate challenges and the field of clean energy.”
He stressed, “Stimulating the banking sector towards enabling it with lending policies should not depend on the central bank, because this role of the central bank is an exceptional role dictated by some circumstances, but the first and foremost is that the banking sector is able by itself to assume and provide lending capabilities by bringing in deposits and through his own financial capacity.
Al-Alaq continued: “We will soon work on developing a national strategy for lending, and I presented the paper last month when I was outside the central bank, but realizing the importance of bank lending, I presented a paper at a conference at Al-Mustansiriya University on building rules for lending policies or the national strategy for lending.”
And he indicated that “these are very important and national issues because the issue of lending is not only related to the financial capabilities of banks, but rather is related to the work environment, its regulatory and legal conditions, and many factors that fall outside the banking system, so it will be a joint strategy presented to the government and other parties to be a matter of their participation in supporting This plan is to provide the necessary decisions and procedures for its success.
And he stated, “I shed light on some signs that we must focus on in the next stage, which is that the ability of banks to lend depends on their ability to bring in deposits, and this is the role of the banking sector balancing between deposits and lending,” explaining that “indicators and data indicate that the banking sector It has reached the highest ceiling for lending because the percentage specified according to the instructions of the Central Bank is 70% of deposits, and the banking sector has almost reached this percentage, which requires that there be great efforts to attract deposits to the banking sector.
And he added, “A lot talks about the limited bank lending, so that we do not blame the banking sector only because these are the capabilities available to it, which requires that there be a comprehensive and broad plan to attract deposits so that the banking sector can mobilize them towards granting loans.”
And he continued his speech: “We have more than 70 trillion dinars outside the banking system for circulation, and this is a very large amount and represents a high percentage of the gross domestic product, so we must focus in the next stage on finding the necessary means to activate the deposit movement through several procedures in this regard, after that We have completed the development of a comprehensive and broad plan for electronic payment strategy to expand the connection between these funds that lie outside the banking system and their uses, which can be large and wide in the event that these funds are attracted to the banking sector.
The Governor of the Central Bank called on the banking sector to “be a key partner with the Central Bank in what it will do in terms of providing electronic payment methods on a broad national level,” adding: “And also among the matters that fall on the banking system in this regard and direction, It is a review of banking services in quantity and quality, because banking services have come a long way despite the short life of some banks, but some of them have reached advanced stages and others still need to upgrade the level of banking services in different types and in the way of presentation.
He noted that “one of the remarkable things is that the survey conducted by the Arab Fund to study the public’s reluctance to deal in the banking sector, and contrary to expectations, the first reason was that the services are complex and not readily available to citizens in the banking sector, and this is an existing fact that needs to mobilize the banking system to lend to the citizen.” And provide the necessary services and the best methods and techniques, and unfortunately he noticed that the citizen in some bank branches as if he is reviewing a complex administrative department or a court in the way of depositing or withdrawing the amounts.
And he pointed out that “the Central Bank issued a wide circular to the banking sector in this field, and it will be the focus of our attention and field monitoring of banking services and the extent to which they keep pace with the standards and achieve the goals that we referred to.”
And he continued his speech: “One of the issues that we call for to reduce the risks of borrowing due to the high rates is the default in repaying debts, and we will present the project to establish a company to guarantee loans, and this is very important and provides a great deal and high flexibility for the banking sector to provide loans.”
He stressed that "the banking sector needs more geographical spread," adding: "We commend some banks that have extended to wide networks inside Iraq, and we call on other banks to strengthen this spread in the regions of the country."
And he warned that “in order to reduce risks with regard to lending and in order for there to be a balance in sectoral growth, the credit portfolio or loans must be diversified, and this constitutes safety for the banking system and a balance in sectoral growth, and we note that there is a discrepancy in this field and this requires taking into account Consideration, and the best evidence of that collapse suffered by the Silicon Ghali Bank, due to a very clear reason, which is the credit concentration in a specific sector, and this was the main reason for the collapse of the bank.”
And he stressed that “the sectors in Iraq need stimulation, growth and construction, so focusing on a specific sector should not be the goal and the final result of bank loans, as happened now. It's still at its lowest level."
He concluded by saying: “We need to build a national strategy for bank lending, led by the Central Bank and presenting it to the private banking sector to express observations and opinions, then we start working on it in order to achieve the aforementioned goals.”
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this link.]3 hours ago
4 minutes[/size]
[You must be registered and logged in to see this link.]
Today, Monday, the Central Bank of Iraq announced the size of the lending amounts within its initiatives for projects, and while confirming that it stimulated the economy in solving the housing problem, it revealed work on preparing a lending strategy.
The Governor of the Central Bank of Iraq, Ali Al-Alaq, said in a speech at a conference on activating lending programs in Iraq, followed by (Al-Oula News): “We extend our thanks to the Association of Banks and the American Agency for Development for keeping pace with the banking sector and attempts to advance it and push it with directions that achieve the desired goals of the Iraqi economy.” .
Al-Alaq added, "Bank lending represents the main pillar in the work of the banking sector, whether with regard to its revenues, profits, and operation, or with regard to economic activities in all its forms."
He pointed out that “the Central Bank was a pioneer in stimulating the lending capabilities of the banking sector, as we launched in 2015 an initiative that is perhaps the largest in the history of Iraq, and it was represented by allocating 5 trillion dinars for industrial, agricultural and housing projects, as well as a trillion dinars for small and medium projects,” noting that “this initiative It was able to greatly stimulate the Iraqi economy, whether at the level of some projects or in solving the housing problem by providing lending to the housing sector.”
He pointed out that “the amounts that have been lent so far amounted to about 13 trillion dinars, which is a very large amount,” adding, “We are now in the process of evaluating these initiatives, benefiting from lessons, putting them in the right directions, and focusing them on specific goals.”
He continued: “There will be a great focus in the next stage on financing small and medium enterprises, as well as with regard to projects or loans related to renewable energy in an attempt to contribute to the Central Bank in facing climate challenges and the field of clean energy.”
He stressed, “Stimulating the banking sector towards enabling it with lending policies should not depend on the central bank, because this role of the central bank is an exceptional role dictated by some circumstances, but the first and foremost is that the banking sector is able by itself to assume and provide lending capabilities by bringing in deposits and through his own financial capacity.
Al-Alaq continued: “We will soon work on developing a national strategy for lending, and I presented the paper last month when I was outside the central bank, but realizing the importance of bank lending, I presented a paper at a conference at Al-Mustansiriya University on building rules for lending policies or the national strategy for lending.”
And he indicated that “these are very important and national issues because the issue of lending is not only related to the financial capabilities of banks, but rather is related to the work environment, its regulatory and legal conditions, and many factors that fall outside the banking system, so it will be a joint strategy presented to the government and other parties to be a matter of their participation in supporting This plan is to provide the necessary decisions and procedures for its success.
And he stated, “I shed light on some signs that we must focus on in the next stage, which is that the ability of banks to lend depends on their ability to bring in deposits, and this is the role of the banking sector balancing between deposits and lending,” explaining that “indicators and data indicate that the banking sector It has reached the highest ceiling for lending because the percentage specified according to the instructions of the Central Bank is 70% of deposits, and the banking sector has almost reached this percentage, which requires that there be great efforts to attract deposits to the banking sector.
And he added, “A lot talks about the limited bank lending, so that we do not blame the banking sector only because these are the capabilities available to it, which requires that there be a comprehensive and broad plan to attract deposits so that the banking sector can mobilize them towards granting loans.”
And he continued his speech: “We have more than 70 trillion dinars outside the banking system for circulation, and this is a very large amount and represents a high percentage of the gross domestic product, so we must focus in the next stage on finding the necessary means to activate the deposit movement through several procedures in this regard, after that We have completed the development of a comprehensive and broad plan for electronic payment strategy to expand the connection between these funds that lie outside the banking system and their uses, which can be large and wide in the event that these funds are attracted to the banking sector.
The Governor of the Central Bank called on the banking sector to “be a key partner with the Central Bank in what it will do in terms of providing electronic payment methods on a broad national level,” adding: “And also among the matters that fall on the banking system in this regard and direction, It is a review of banking services in quantity and quality, because banking services have come a long way despite the short life of some banks, but some of them have reached advanced stages and others still need to upgrade the level of banking services in different types and in the way of presentation.
He noted that “one of the remarkable things is that the survey conducted by the Arab Fund to study the public’s reluctance to deal in the banking sector, and contrary to expectations, the first reason was that the services are complex and not readily available to citizens in the banking sector, and this is an existing fact that needs to mobilize the banking system to lend to the citizen.” And provide the necessary services and the best methods and techniques, and unfortunately he noticed that the citizen in some bank branches as if he is reviewing a complex administrative department or a court in the way of depositing or withdrawing the amounts.
And he pointed out that “the Central Bank issued a wide circular to the banking sector in this field, and it will be the focus of our attention and field monitoring of banking services and the extent to which they keep pace with the standards and achieve the goals that we referred to.”
And he continued his speech: “One of the issues that we call for to reduce the risks of borrowing due to the high rates is the default in repaying debts, and we will present the project to establish a company to guarantee loans, and this is very important and provides a great deal and high flexibility for the banking sector to provide loans.”
He stressed that "the banking sector needs more geographical spread," adding: "We commend some banks that have extended to wide networks inside Iraq, and we call on other banks to strengthen this spread in the regions of the country."
And he warned that “in order to reduce risks with regard to lending and in order for there to be a balance in sectoral growth, the credit portfolio or loans must be diversified, and this constitutes safety for the banking system and a balance in sectoral growth, and we note that there is a discrepancy in this field and this requires taking into account Consideration, and the best evidence of that collapse suffered by the Silicon Ghali Bank, due to a very clear reason, which is the credit concentration in a specific sector, and this was the main reason for the collapse of the bank.”
And he stressed that “the sectors in Iraq need stimulation, growth and construction, so focusing on a specific sector should not be the goal and the final result of bank loans, as happened now. It's still at its lowest level."
He concluded by saying: “We need to build a national strategy for bank lending, led by the Central Bank and presenting it to the private banking sector to express observations and opinions, then we start working on it in order to achieve the aforementioned goals.”
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