Iraq claims at a rapid pace to restore confidence in the banking sector

Claims at a rapid pace to restore confidence in the banking sector

17/8/2016

BAGHDAD world

announced banking expert member of the Advisory Board for «economic forum Baghdad» Samir Nasiri, the diagnosis of the priorities of the suffering of the banking sector require from the Iraqi Central Bank and the concerned authorities drawing mechanisms and procedures for processing and not to wait five years before re trust of citizens and customers sector of the Iraqi banking, especially banks private.

He added, «accompanied by action to increase the proportion of savings in the banks to the proportion of compactness outside banks, as saving 23 percent rate was the proportion of compactness 77 percent , according to statistics, as well as the completion of the structural and technical foundations controlled proactive», and pointed to the need to «review the results business banks, evaluated and reclassified through accredited international companies and to identify weak banks that need the central intervention to restore its activity and bankruptcy protection, as well as assist and support the banks , which have been hurt in the provinces income organize Daesh terrorist, as well as address the currency sale and try to find alternatives to them and to leave entirely window » .

He stressed the need to «strengthen the central initiatives in the financing of projects of small and medium contribute to the revitalization of the economic cycle and diversify its budgetary resources in order to achieve a fundamental change of approach to banking reform as contained in the central strategy for 2016-2020, and in accordance with the insight into the priorities and challenges faced by the banking sector».

student «commissioned a specialized team in financial analysis and determine the efficiency of banks performance standards in all areas of administrative banking and credit work», preferring to «be international, independent and neutral team and takes into account the results of the American evaluation system for the years 2013 and 2014, and is associated with the central control of the banking movement by focusing on the pre - emptive censorship of electronic office and field and a programmer and scheme, identifying irregularities and errors and excesses of the executive departments, and take corrective action to ensure a fundamental change of approach to banking reform. »

He pointed Alnasiri that« the application of the Council of the central administration 's decision regarding controls the nomination of members of the Board and staff leaders in banks and focus on professional competence and functional integrity and personal reputation and commercial expertise specialist, capable of solving problems and apply the desired strategy in full form ».

the« Central »Iraq launched its strategy for the years 2016-2020 in conjunction with calls for fundamental and comprehensive of the Council of Ministers and the House of Representatives change according to the objectives President, first and foremost to achieve financial stability and development of the organizational structure and the development of human capital and the activation and integration of internal and external relationships.

He Alnasiri: «identified the application of the strategic objectives of a five - year period, as well as achieving the 23 sub - goals to achieve financial stability and the consolidation of the financial system, right down to the institutional and structural reform sector ». He stressed that « the Central committed eight banks to deposit amounts in excess of 500 billion dinars (400 million dollars) to enhance liquidity and to respond to requests from depositors», adding that « the Board of Directors of the Bank has committed members of the boards of private banks administrations to re - money previous loans from their banks and registration of registered real estate names names banks. »

the financial experts pointed out that« the Iraqi market 's dependence on the money in the central buying and selling has caused contraction of daily trading to sell the dollar as a result of a lack of oil imports to the country. » They pointed out that « the central steps came late because of the loss of billions of dollars through speculation by most private banks and financial companies, as most of these banks and institutions established after 2003 and does not work according to the laws to be implemented».

The «Central» announced the approval of the Cabinet on the draft system guarantee deposits , which includes setting up a company contributes to encourage citizens to deposit their money in banks , government or private , rather than keep them in their homes. As the Prime Minister has decided to exempt banks «rational» and «Iraq» and «commercial» and «Industrial» and «agricultural» and «real» managers, Economic Adviser to the Prime Minister said the appearance of Mohammed Saleh said that «this decision is necessary to improve banking performance in the context of reform policy. » The Iraqi banking system consists of 54 banks, of which 7 government and 23 private businesses, including nine Islamist addition to the 15 branches of foreign banks.