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Experts: financial systems are sophisticated enough to the advancement of the economic reality


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Experts: financial systems are sophisticated enough to the advancement of the economic reality

Post by rocky on Tue 14 Oct 2014, 6:45 pm

Experts: financial systems are sophisticated enough to the advancement of the economic reality

10/15/2014 0:00

BAGHDAD Shokran Fatlawi

Experts recommended at a seminar hosted by the Institute of extensive economic progress of the development policies and attended the "morning" the need to develop the Iraqi banking sector by reforming the role of state-owned banks and promote the values ​​of justice and equality among all banks.

Economic expert and president of the Institute for the progress of development policies d. Mehdi al-Hafez occur at the beginning of the seminar about the existence of an essential link between the financial systems of sound developed and economic development, stressing that the experiences of countries with financial systems developed to grow at a faster pace and achieved great achievements in the fields of economy, considering the commitment to allocate financial resources from foundations to increase productivity and promote economic development and support for equality of opportunity and reduce poverty.

He pointed out that Hafiz financial experience in Iraq needs to review constructive considering the financial system in the country is advanced and plays a limited role in financial intermediation.

Duplication of reference

For his part, spoke financial expert d. Majid picture of the existence of the phenomenon confuse the banking business is the double reference to the banks through the adoption of private banks to the Central Bank in tracking government banks to the Ministry of Finance calling for the need to be a reference one so as not to occur a state of contradiction or intersection in the provision of banking services is accompanied by the presence of the other hand, her influence on the banking sector, which is the Registrar of Companies, pointing to the possibility of failure of the General Authority for any Ahli Bank to hold a meeting without obtaining the approval of the Registrar of Companies.

He called Suri need to follow the movement of capital to reduce the phenomenon of money laundering, pointing out that the Central Bank's role is to contribute to the development and stabilize the exchange rate.

Banking technologies

As the director general of the Department of Statistics and Research at the Central Bank of Iraq and Walid Idi Nabi weakness of banking technologies and not used widely in a large number of banks as well as sagging administrative structure in a lot of banks, especially in government banks accompanied by a policy of discrimination in dealing with private banks which is to prevent the state departments and public sector companies from depositing their money in those banks and non-acceptance of certified and regular instruments and letters of guarantee issued by it, but within certain limits.

Registrar of Companies

He cautioned Idi that routine procedures adopted by the Department of Registrar of Companies cause to delay the ratification of the decisions taken by public bodies for the banks, including the increase of capital and convening meetings of public bodies not to mention the delayed re-trading of shares of private banks in the trading sessions taking place in the Iraqi market for securities, causing damage and losses to shareholders and investors alike.

He stressed that the delay in Idi government banks and some private banks in the acquisition of a comprehensive banking systems or communications network linking branches with departments of public and failing to take appropriate measures for the application of electronic banking, including electronic instruments led to the other is weak banking performance.

Obtaining debt

As noted economic expert d. Akram Abdel Aziz of the National Investment Commission that the private banks suffer from the problem can not be obtaining debt in hot areas because of the lack of guarantees and this would cause the loss of her big, adding that there are banks need the support of the central bank and there are other banks require it of them to merge with Similar banks in order to be able to face the challenges.

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