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Central Bank: We will present a project to establish a loan guarantee company..and these are the ceilings of our funds in the banking sector
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[rtl]Baghdad / NINA / - The Central Bank of Iraq revealed a project to establish a loan guarantee company that will provide high flexibility to the banking sector in providing loans to beneficiaries.
The Governor of the Bank, Ali Al-Alaq, said, during the opening of the conference on activating lending programs in Iraq, held today, Monday, in the capital, Baghdad, 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 by allocating 5 Trillions of dinars for industrial, agricultural and housing projects, as well as a trillion dinars for small and medium projects, and this The initiative was able to stimulate the Iraqi economy significantly, whether at the level of some projects or in solving the housing problem by providing loans to the housing sector.
He added: “The sums that have been lent so far amounted to about 13 trillion dinars, and we are now in the process of evaluating these initiatives and benefiting from the lessons and putting them in the right directions and focusing them on specific goals, so There will be a great focus in the next stage on financing small and medium projects, as well as what is related to projects.” Renewable energy lending in an attempt to contribute to the central bank in climate challenges and clean energy.
Al-Alaq stressed that “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 basic role is for the banking sector to be able by itself to assume and provide extending capabilities.” , by bringing in deposits and through his own financial ability.”
He continued to say, "We will soon work on developing a national strategy for lending, as I presented the paper last November 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 these issues are very important, "noting that" the issue of lending is not only related to the financial capabilities of banks, but rather is related to the work environment, 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 to provide decisions and actions necessary for its success.
He explained, “The ability of banks to lend depends on their ability to bring in deposits, and this is the role of the banking sector in balancing between deposits and lending,” noting that “the banking sector has reached the highest ceiling for lending, Because the percentage specified according to the Central Bank's instructions 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.
he also urged the banking sector to proceed with 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 services. banking".
He added, "The banking sector needs more geographical spread," praising some banks that have extended to wide networks inside Iraq, "calling on other banks to strengthen this spread in the regions of the country, noting the need to diversify the credit portfolio or Loans for the purpose of reducing risks in what is related to lending and balance in sectoral growth./ End 5
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The Governor of the Bank, Ali Al-Alaq, said, during the opening of the conference on activating lending programs in Iraq, held today, Monday, in the capital, Baghdad, 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 by allocating 5 Trillions of dinars for industrial, agricultural and housing projects, as well as a trillion dinars for small and medium projects, and this The initiative was able to stimulate the Iraqi economy significantly, whether at the level of some projects or in solving the housing problem by providing loans to the housing sector.
He added: “The sums that have been lent so far amounted to about 13 trillion dinars, and we are now in the process of evaluating these initiatives and benefiting from the lessons and putting them in the right directions and focusing them on specific goals, so There will be a great focus in the next stage on financing small and medium projects, as well as what is related to projects.” Renewable energy lending in an attempt to contribute to the central bank in climate challenges and clean energy.
Al-Alaq stressed that “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 basic role is for the banking sector to be able by itself to assume and provide extending capabilities.” , by bringing in deposits and through his own financial ability.”
He continued to say, "We will soon work on developing a national strategy for lending, as I presented the paper last November 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 these issues are very important, "noting that" the issue of lending is not only related to the financial capabilities of banks, but rather is related to the work environment, 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 to provide decisions and actions necessary for its success.
He explained, “The ability of banks to lend depends on their ability to bring in deposits, and this is the role of the banking sector in balancing between deposits and lending,” noting that “the banking sector has reached the highest ceiling for lending, Because the percentage specified according to the Central Bank's instructions 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.
he also urged the banking sector to proceed with 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 services. banking".
He added, "The banking sector needs more geographical spread," praising some banks that have extended to wide networks inside Iraq, "calling on other banks to strengthen this spread in the regions of the country, noting the need to diversify the credit portfolio or Loans for the purpose of reducing risks in what is related to lending and balance in sectoral growth./ End 5
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