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A proposal to establish a national observatory to monitor financial risks
Economical 2023/05/31
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Haider Fleeh Al-Rubaie
A specialist in economic affairs proposed the establishment of a national observatory concerned with monitoring financial risks, which takes upon itself the development of precautionary methods related to this economic sector, and monitors the achievement achieved in investment projects and monitors economic performance in general, and while he stressed that the step is capable of undermining corruption and accelerating the pace of urban and service work, He stressed that the enactment of such laws is necessary to measure the efficiency of spending and to know the achievement achieved in various economic fields.
In a move close to the proposal, the Central Bank recently launched the Banking Supervision Reporting System (BSRS), which aims to collect financial data from banks and non-banking institutions, and unify the database of codes for these banks, companies and their branches.
A bank statement pointed out that "the system provides it with the financial status of financial institutions, enabling the regulatory authorities to monitor the financial health of banks and non-bank financial institutions faster and more accurately, and enabling the bank to remedy potential risks within financial institutions."
This trend, according to the economist and member of the Private Sector Development Council at the Ministry of Planning, Dr. Ali Hadi Jouda, represents "an advanced step that would monitor the financial operations of banking and financial institutions and link their daily lists to the central list to follow up on their activities and organize their consolidated data."
The expert, Jouda, explained, during his interview with Al-Sabah, that such systems can “help a lot in the event of financial, monetary, or procedural (administrative-technical) risks, in order to perpetuate the concept of transparency, flexibility, and governance,” stressing at the same time that this matter “ It will reflect positively on the work of the institutions and take them in advanced steps towards international dealings, and will open up expanded horizons for them in financing and investment management.” These modern financial systems, according to quality, will also have a positive impact on the commercial and industrial sectors through the ease of dealing with the new foreign trade financing system represented by (documentary credits) to speed up transfers and thus reduce by a large percentage the real exchange rate gap to its parallel rival.
The spokesman believes that "the financial situation in Iraq needs a specialized national observatory to monitor financial risks, form a strategy for financing small businesses, monitor regulatory gaps, and develop financial precautionary methods."
A member of the Private Sector Development Council stressed that "this observatory can supervise the measurement of spending efficiency and monitor the achievement achieved before financing projects and the extent of their economic impact, as this strategy, which should be supported by a binding law that accompanies the budget, measures the efficiency of spending and the achievement achieved," proposing In this regard, "separating the budget of local units from the federal budget and giving the right to local financing and local legislation to the governorates that can borrow from banks to finance their investment projects, provided that they are economically feasible by guaranteeing their local resources."
The expert pointed out the necessity of "the availability of an integrated set of conditions and characteristics for our economy so that the "impact measurement" methodology can be effective and accurate, including but not limited to (transparency, governance) and the availability of young national competencies in the state's thinking in reviewing and building its decisions. Economic".
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