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Central Governor to «Al-Sabah»: 70 trillion dinars outside the banking system
Economical 2023/03/22
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Baghdad: Hussein Thaghb Al-Tamimi
The Governor of the Central Bank, Ali Al-Alaq, believes that stimulating small and medium enterprises by providing financing represents the most important steps in moving the wheel of the national economy, while revealing the existence of 70 trillion dinars outside the banking system.
Al-Alaq added to "Al-Sabah", during a conference on activating lending programs in Iraq, that "the banking system is required to diversify the lending portfolio for more than one sector to stimulate all sectors and make them a contributor to the development process, as well as protecting the banking system from any future risks that expose its existence to collapse," pointing out He pointed out that "the collapse of the Silicon Bank was caused by the concentration of credit in a specific sector, which leads us to benefit from this experience."
He pointed out that "bank lending is a basis for banking work with its revenues, profits, and operation, or in relation to economic activities in its various forms, and 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 the allocation of 5 trillion dinars for industrial, agricultural and housing projects, as well as one trillion dinars for small and medium projects,” noting that “this initiative was able to contribute to solving the housing problem by providing lending to the housing sector.” He stressed that "the sums that were lent through the banking system touched 13 trillion dinars, and we are working to evaluate these initiatives and benefit from lessons and put them in the right directions," noting that "
And he warned that "there are 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 it is necessary to focus in the next stage on finding the necessary means to activate the deposit movement through several procedures in this regard," referring to The importance of reviewing 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.
As for the Association of Iraqi Private Banks, and through the speech of its president, Wadih Al-Handal, which was read on behalf by the Advisor of the Association of Private Banks, Samir Al-Nusairi, it indicated the inevitability of activating the lending program that includes 6 stages and 10 goals, and working to implement the Central Bank’s plan to achieve economic stability, and its initiative contributed to increasing financing Residential projects.
He pointed out that "Iraqi private banks, which provide their various banking services in all governorates, have proven their ability, sobriety, and national stances during the last period, as Iraq suffered from crises, economic challenges, and the Corona pandemic," stressing "activating the lending program in Iraq and increasing the volume of borrowing in general and projects." productivity and services in particular, and expanding the geographical area of lending to include all governorates.
He said, "The development steps, in cooperation with the Central Bank and the Association of Iraqi Private Banks, have raised the performance levels of the banking system, which is working to implement the central bank's plan to stimulate the economy, achieve economic stability, and implement its financing initiatives, for which 18 trillion dinars have been allocated." As for the representative of the incentive project funded by USAID, Omran Choudary, he said: "We discovered that there is a gap between the banking system and the owners of small and medium enterprises after we studied the requirements of the lending process, and of course this led to the lack of business advancement due to the lack of a financial portfolio."
He referred to "the role of the Association of Private Banks in providing assistance in order to meet the requirements of small and medium-sized companies and to train the concerned persons, and the banking sector is the core of this approach," stressing that "there are more than 600,000 small and medium-sized companies, many of which were unable to access the credit of the banking system." Joudry: "The Central Bank's role is important in developing a strategy to support the banking system and to deliver banking services to the largest segment of small and medium enterprises." The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, confirmed to "Al-Sabah" that "activating the reality of loans for small and medium enterprises is a national mission, and we realize the extent of their economic importance and their role in stimulating the national labor market in more than one production and service joint," pointing to "the need to work on finding A loan guarantor entity that encourages the banking system to go to provide lending for this type of project.
He cautioned that "lending in the poorest governorates is low, and this matter must be studied and implemented in these areas that have different talents."
He referred to the stimulus program supported by the USAlD and implemented in cooperation with the Central Bank of Iraq and aims to spread lending in all regions of Iraq, pointing out that many workshops were held with the relevant institutions to develop lending operations to facilitate procedures, accompanied by an intensive program to train those involved in this program, stressing That “opportunities to obtain loans during the coming period will be greater.” Tariq reviewed the growth of the lending portfolio in Iraq during the past five years, as indicators confirm its rise to acceptable levels, but the ambition is for financial services to reach all members of society.
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