Basic pillars of the proposed five-year plan for the next Central Bank of Iraq
08/12/2015
Samir Abdullah
The Iraqi banking sector for more than twelve years and up to the present time practicing policies and mechanisms troubled regulated by experimental and can be considered a transitional phase is still ongoing in order to build a sound Iraqi experience in determining the foundations and pillars of the national economic construction depends fiscal and monetary policies applications essential and important Ekhalqat in this building, led by Central Bank of Iraq as the first charge as stated in the law (56 of 2004) for the supervision and control of the banking system and run it according to its means in monetary policy applications and its impact on the overall economy on the grounds that the financial and monetary adviser to the government in addition to his duties essential in maintaining the Aldenarabraghi exchange rate foreign and build foreign cash reserves and the reduction of inflation currencies, but unfortunately, they march needs to be fundamental constituents of maturation in the application and government support and strategic systematic depending on the study and analysis of the reality of the Iraqi economy, rent-seeking, which relies on a basic resource and one is oil, which is up to (54-60 %) of the gross domestic product, and the lack of coordination between fiscal and monetary policies and different economic policies, according to the new building of the economy has contributed significantly to the fragmentation of applications in monetary policy and the different visions and strategies to get to the central targets set in addition to deficiencies in some legislative environment materials of economic laws regulate the economic process which led to disorder in the application and to rely on militancy and interpretations and instructions unclear which does not correspond with the political, economic and security conditions experienced by Iraq.
In addition, the laws above and in particular some of the materials related to the investment and the relationship with the Iraqi banking sector was inhibiting the new building of the economy and not help add to that all the annual general budget's reliance on the expected production and marketing of oil without revenue to have a futuristic look of the Iraqi economy in line with the possibilities and capabilities material and human, structural and institutional capacity as well as the continuation of the previous central policies in the supervision and control over the private banking sector and not give him legal elasticities for the exercise of his funding and investment, which constitutes (48) commercial and Islamic banks and branches of foreign banks and Arab compared with (7) state banks account for (86%) of civil and government deposits and a capital not to exceed the relative importance (23%) compared with the total capital of private banks in terms of financial indicators for 2014 point to the following: -
Total Assets
225 trillion dinars (204) trillion dinars to the government banks, 21 trillion dinars to the private banks.
Total capital
9 trillion dinars, of which 7 trillion dinars to the private banks, and (2) trillion dinars to the government banks and make up 23% of the total capital.
Total deposits
75 trillion dinars (86%) to the government banks, (14%) to the private banks.
Which led to the failure of this sector in turn contribute to the economic development and contribute to the diversification and development of other non-oil resources, a central goal of the Central Bank of Iraq as the influential and the expeditious thing that made us usher good government program of the new government and in particular the provisions axis Thirdly and private encouraging the shift to the private sector and paragraph (d) thereof which define paths and public mechanisms for the development of banking, which is definitely need to make great efforts of relevant government agencies with the government banking and the private sector for the diagnosis of the current economic situation and overcome the challenges and obstacles to the reform and development of the Iraqi banking sector and propose the foundations and strategies effective to build Introductions and the features of the transition from the banking to the developmental role through the process all the mistakes and lapses in economic construction during the next four-year period with identifying paths of success and achieve the goals, according to the runway in the government program and one year after the life of the government note as far as the sector of the Iraqi banking something important has not been achieved which led the Central Bank of Iraq and as announced by the governor in a banking seminar which was led during the last month that the Iraqi Central Bank is currently working on the preparation of his plan for the next five years in order to develop sound foundations to raise the rate of monetary policy and the development and support of the Iraqi banking sector applications manner that achieves the stated program government.
For the purpose of the contribution of the experts, economists and bankers in the public and private sector in the mature ideas and visions to achieve that we put in front of the governor proposed the basic pillars for the preparation of the next five-year plan of the Central Bank of Iraq, as follows: -
The proposed basic pillars
Five-Year Plan
First: - establishment of banking reform Council
We propose the formation of this Council of: -
· Governor of the Central Bank of Iraq
· Financial adviser and Monetary Affairs Mr. Prime Minister
· Representative of the parliamentary Finance Committee
· Representative government banks
· Representative of the Iraqi private banks (the Association of Iraqi private banks)
· Experts from the private banking sector, the number of (2) in the monetary policy and fiscal policy
· Expert in macroeconomics from the College of Management and Economics / University of Baghdad
The Council: -
1. study and analysis of the reality of the banking business in Iraq and the challenges it faces.
2. operational policies and the restructuring of State-owned banks drawing according to the study and the note signed with the World Bank earlier and take advantage of its expertise in this area.
3. executive find ways to apply what is stated in the government program in terms of time and determine the limits of the banking sector so with a program of follow-up, monitoring and evaluation
4. Strengthening the role of pre-emptive censorship to curb money laundering and smuggling
5. Put a proactive plan to address the financial collapse experienced by some private sector banks because of the current circumstances to overcome while after the improvement of the financial situation of the country and the stability of world oil prices
6. Develop programs and policies of the continuous cooperation between the government and private banks with the unification of the transaction for both parties
7. setting new standards for the classification and evaluation of banks in the light of the financial indicators and to measure the efficiency of its performance and its role in contributing to economic development.
8. Support and activation and development of the Iraqi Central Bank initiative to allocate 5 trillion dinars for banks specialized (housing, agricultural, industrial) and (1) trillion dinars to finance small and medium enterprises and creating new job opportunities and contribute to the economic and social development plans
9. application comply with international banking standards, including the standard procedures for capital adequacy and financial disclosure for banks' financial statements
10. encourage banks to set up Stadiq joint investment in order to expand the opportunities available to them for the implementation of major projects
Second: - legislative environment
Reconstruction and modification of the legislative environment laws governing the banking business and in particular to address the challenges faced by banks on the subject of contributing to the investment, with a focus on the central bank laws (56 of 2004) and banks (94 of 2004), money laundering (93 of 2004) and the issuance of Islamic banking law and the issuance of the Deposit Insurance Law and the law of the financing of small and medium enterprises.
Third: - activate the borrowing market
Activate Helms paragraphs government program and in particular with respect to activation of lending between the central bank and inter-bank market, as well as between banks and activating the role of government banks and specialized banks and private banks to provide soft loans national private sector, as well as finding solutions to the problems of tax accumulated and benefits resulting from the stalled projects for production owners solutions and the development of short and medium-term fiscal policy and activating the role of reserve requirements principal instrument for liquidity management.
Fourth: -alsaastan fiscal and monetary
Coordination between fiscal and monetary policies according to specific contexts and mechanisms and please them be the central goal is to build a new model of the national economy.
Fifth: - cooperation with the government
Contributing with the government as a financial consultant and cash in the transition from a rentier economy to a multi-resource economy and to the re-distribution of national income, according to the directives of the market economy.
Sixth: - the structure of the banking sector
Adoption of new monetary policy and financial lead to comprehensive reform and restructuring of the financial and banking sector of Iraq with an emphasis on restructuring the government banking sector according to what you stated the memorandum signed with the World Bank and the support of the private banking sector and strengthening of the existing potential, because without sound banking sector can not build a sound national economy.
Seventh: - the total credit and finance
Working to increase the credit product and funding from private banks and activate their contribution to various aspects of the reconstruction investment, and advancing the process of development, and move the economic cycle in Iraq, we see serious as an essential step is to start to maximize the financing of small and medium-sized private enterprises, target social and economic is of particular and urgent priority. And develop and promote the financing of small and medium enterprises.
Eighth: - financing and development of small and medium-sized enterprises
The activation of the government's role in building a strategy for the development of small and medium enterprises is the most important elements of success as the government that has the financial possibilities in a yield economy in which the private sector weakens to a large degree and can not promote this sector without having a plan for the development of this sector and build a clear and declared mechanisms involving the private sector so that it can effectively be transformed from a small government sector continued to key partner and then to the commander in investment and construction operations.
IX: Proactive -alrkabh
Activating pre-emptive censorship and review the instructions and implementing regulations and guidance on the applications of monetary policy and a precise regulatory system to follow up the implementation and in particular that concerns foreign exchange and currency auctions overseen by the Central Bank of Iraq without interfering with the independence as referred to by law.
Tenth: - Information Technology
Complete the procedures for the system of information technology and the national payments system and divided the executive and other projects for the development of modern banking.
Eleven: - transparency and disclosure of financial statements
The development of the scope and quality of monetary and financial data with banks, with an emphasis on disclosure and transparency, the development departments of Statistics and research in all banks will organize and prepare the data and deliver it to the competent departments of the Central Bank of Iraq in a timely manner in order to take advantage of the indicators in forecasting and analysis and take necessary measures to reform and develop the sector central decisions Iraqi banking.
Twelve: - Human Resources Development
The development of human resources, banking adoption of modern methods in training, rehabilitation and development of functional capacity and specialized expertise.
Thirteen: - International accounting standards
Adoption of international accounting standards and standard Maasdr all related to the global economy and international banking organizations and try to take advantage of it in the development and reform the banking operations.
Fourteen: - administrative and technical CBI structure
A review of the organizational structure of the technical and administrative Central Bank of Iraq and in particular that concerns the development of work in the control and supervision of the banking and money laundering Bmainsjm with the new law report to the Council of Representatives of Iraq now and the introduction of a circle to support and develop the private banking sector circles.
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08/12/2015
Samir Abdullah
The Iraqi banking sector for more than twelve years and up to the present time practicing policies and mechanisms troubled regulated by experimental and can be considered a transitional phase is still ongoing in order to build a sound Iraqi experience in determining the foundations and pillars of the national economic construction depends fiscal and monetary policies applications essential and important Ekhalqat in this building, led by Central Bank of Iraq as the first charge as stated in the law (56 of 2004) for the supervision and control of the banking system and run it according to its means in monetary policy applications and its impact on the overall economy on the grounds that the financial and monetary adviser to the government in addition to his duties essential in maintaining the Aldenarabraghi exchange rate foreign and build foreign cash reserves and the reduction of inflation currencies, but unfortunately, they march needs to be fundamental constituents of maturation in the application and government support and strategic systematic depending on the study and analysis of the reality of the Iraqi economy, rent-seeking, which relies on a basic resource and one is oil, which is up to (54-60 %) of the gross domestic product, and the lack of coordination between fiscal and monetary policies and different economic policies, according to the new building of the economy has contributed significantly to the fragmentation of applications in monetary policy and the different visions and strategies to get to the central targets set in addition to deficiencies in some legislative environment materials of economic laws regulate the economic process which led to disorder in the application and to rely on militancy and interpretations and instructions unclear which does not correspond with the political, economic and security conditions experienced by Iraq.
In addition, the laws above and in particular some of the materials related to the investment and the relationship with the Iraqi banking sector was inhibiting the new building of the economy and not help add to that all the annual general budget's reliance on the expected production and marketing of oil without revenue to have a futuristic look of the Iraqi economy in line with the possibilities and capabilities material and human, structural and institutional capacity as well as the continuation of the previous central policies in the supervision and control over the private banking sector and not give him legal elasticities for the exercise of his funding and investment, which constitutes (48) commercial and Islamic banks and branches of foreign banks and Arab compared with (7) state banks account for (86%) of civil and government deposits and a capital not to exceed the relative importance (23%) compared with the total capital of private banks in terms of financial indicators for 2014 point to the following: -
Total Assets
225 trillion dinars (204) trillion dinars to the government banks, 21 trillion dinars to the private banks.
Total capital
9 trillion dinars, of which 7 trillion dinars to the private banks, and (2) trillion dinars to the government banks and make up 23% of the total capital.
Total deposits
75 trillion dinars (86%) to the government banks, (14%) to the private banks.
Which led to the failure of this sector in turn contribute to the economic development and contribute to the diversification and development of other non-oil resources, a central goal of the Central Bank of Iraq as the influential and the expeditious thing that made us usher good government program of the new government and in particular the provisions axis Thirdly and private encouraging the shift to the private sector and paragraph (d) thereof which define paths and public mechanisms for the development of banking, which is definitely need to make great efforts of relevant government agencies with the government banking and the private sector for the diagnosis of the current economic situation and overcome the challenges and obstacles to the reform and development of the Iraqi banking sector and propose the foundations and strategies effective to build Introductions and the features of the transition from the banking to the developmental role through the process all the mistakes and lapses in economic construction during the next four-year period with identifying paths of success and achieve the goals, according to the runway in the government program and one year after the life of the government note as far as the sector of the Iraqi banking something important has not been achieved which led the Central Bank of Iraq and as announced by the governor in a banking seminar which was led during the last month that the Iraqi Central Bank is currently working on the preparation of his plan for the next five years in order to develop sound foundations to raise the rate of monetary policy and the development and support of the Iraqi banking sector applications manner that achieves the stated program government.
For the purpose of the contribution of the experts, economists and bankers in the public and private sector in the mature ideas and visions to achieve that we put in front of the governor proposed the basic pillars for the preparation of the next five-year plan of the Central Bank of Iraq, as follows: -
The proposed basic pillars
Five-Year Plan
First: - establishment of banking reform Council
We propose the formation of this Council of: -
· Governor of the Central Bank of Iraq
· Financial adviser and Monetary Affairs Mr. Prime Minister
· Representative of the parliamentary Finance Committee
· Representative government banks
· Representative of the Iraqi private banks (the Association of Iraqi private banks)
· Experts from the private banking sector, the number of (2) in the monetary policy and fiscal policy
· Expert in macroeconomics from the College of Management and Economics / University of Baghdad
The Council: -
1. study and analysis of the reality of the banking business in Iraq and the challenges it faces.
2. operational policies and the restructuring of State-owned banks drawing according to the study and the note signed with the World Bank earlier and take advantage of its expertise in this area.
3. executive find ways to apply what is stated in the government program in terms of time and determine the limits of the banking sector so with a program of follow-up, monitoring and evaluation
4. Strengthening the role of pre-emptive censorship to curb money laundering and smuggling
5. Put a proactive plan to address the financial collapse experienced by some private sector banks because of the current circumstances to overcome while after the improvement of the financial situation of the country and the stability of world oil prices
6. Develop programs and policies of the continuous cooperation between the government and private banks with the unification of the transaction for both parties
7. setting new standards for the classification and evaluation of banks in the light of the financial indicators and to measure the efficiency of its performance and its role in contributing to economic development.
8. Support and activation and development of the Iraqi Central Bank initiative to allocate 5 trillion dinars for banks specialized (housing, agricultural, industrial) and (1) trillion dinars to finance small and medium enterprises and creating new job opportunities and contribute to the economic and social development plans
9. application comply with international banking standards, including the standard procedures for capital adequacy and financial disclosure for banks' financial statements
10. encourage banks to set up Stadiq joint investment in order to expand the opportunities available to them for the implementation of major projects
Second: - legislative environment
Reconstruction and modification of the legislative environment laws governing the banking business and in particular to address the challenges faced by banks on the subject of contributing to the investment, with a focus on the central bank laws (56 of 2004) and banks (94 of 2004), money laundering (93 of 2004) and the issuance of Islamic banking law and the issuance of the Deposit Insurance Law and the law of the financing of small and medium enterprises.
Third: - activate the borrowing market
Activate Helms paragraphs government program and in particular with respect to activation of lending between the central bank and inter-bank market, as well as between banks and activating the role of government banks and specialized banks and private banks to provide soft loans national private sector, as well as finding solutions to the problems of tax accumulated and benefits resulting from the stalled projects for production owners solutions and the development of short and medium-term fiscal policy and activating the role of reserve requirements principal instrument for liquidity management.
Fourth: -alsaastan fiscal and monetary
Coordination between fiscal and monetary policies according to specific contexts and mechanisms and please them be the central goal is to build a new model of the national economy.
Fifth: - cooperation with the government
Contributing with the government as a financial consultant and cash in the transition from a rentier economy to a multi-resource economy and to the re-distribution of national income, according to the directives of the market economy.
Sixth: - the structure of the banking sector
Adoption of new monetary policy and financial lead to comprehensive reform and restructuring of the financial and banking sector of Iraq with an emphasis on restructuring the government banking sector according to what you stated the memorandum signed with the World Bank and the support of the private banking sector and strengthening of the existing potential, because without sound banking sector can not build a sound national economy.
Seventh: - the total credit and finance
Working to increase the credit product and funding from private banks and activate their contribution to various aspects of the reconstruction investment, and advancing the process of development, and move the economic cycle in Iraq, we see serious as an essential step is to start to maximize the financing of small and medium-sized private enterprises, target social and economic is of particular and urgent priority. And develop and promote the financing of small and medium enterprises.
Eighth: - financing and development of small and medium-sized enterprises
The activation of the government's role in building a strategy for the development of small and medium enterprises is the most important elements of success as the government that has the financial possibilities in a yield economy in which the private sector weakens to a large degree and can not promote this sector without having a plan for the development of this sector and build a clear and declared mechanisms involving the private sector so that it can effectively be transformed from a small government sector continued to key partner and then to the commander in investment and construction operations.
IX: Proactive -alrkabh
Activating pre-emptive censorship and review the instructions and implementing regulations and guidance on the applications of monetary policy and a precise regulatory system to follow up the implementation and in particular that concerns foreign exchange and currency auctions overseen by the Central Bank of Iraq without interfering with the independence as referred to by law.
Tenth: - Information Technology
Complete the procedures for the system of information technology and the national payments system and divided the executive and other projects for the development of modern banking.
Eleven: - transparency and disclosure of financial statements
The development of the scope and quality of monetary and financial data with banks, with an emphasis on disclosure and transparency, the development departments of Statistics and research in all banks will organize and prepare the data and deliver it to the competent departments of the Central Bank of Iraq in a timely manner in order to take advantage of the indicators in forecasting and analysis and take necessary measures to reform and develop the sector central decisions Iraqi banking.
Twelve: - Human Resources Development
The development of human resources, banking adoption of modern methods in training, rehabilitation and development of functional capacity and specialized expertise.
Thirteen: - International accounting standards
Adoption of international accounting standards and standard Maasdr all related to the global economy and international banking organizations and try to take advantage of it in the development and reform the banking operations.
Fourteen: - administrative and technical CBI structure
A review of the organizational structure of the technical and administrative Central Bank of Iraq and in particular that concerns the development of work in the control and supervision of the banking and money laundering Bmainsjm with the new law report to the Council of Representatives of Iraq now and the introduction of a circle to support and develop the private banking sector circles.
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