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Readiness of financial institutions determine the growth of economy

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Readiness of financial institutions determine the growth of economy

27/4/2016 12:00 am
Baghdad-Imad Principality

Dr. Fuad Yusuf from the Faculty of management and Economics at Mustansiriya University, said that banking reform requires a real coup and radical events with banking transactions from traditional to contemporary tender roots in providing service on a personal level or business locally or globally based on measuring the progress and growth of the country's economy, measured by the availability of banking institutions to accept the rapid global changes and activate trade and monetary and credit policy in a consistent and global policies, taking into consideration economic privacy for this country.

Credit money

He said the d. P ed Yusuf «banking institution is of important contexts in creating credit money necessary for its clients to contribute to growth and progress and financial and monetary development at the global level, and it came the importance of banking reform in its banking restructuring and policy formulation and programming structure as toning with new developments and capabilities in mapping the cognitive knowledge and enter the world of information and communication and boosting quality to move banking and economic reality and keep up with the ideas and institutional policies that reduce the cycle of routine banking dynamics».

The balance of competition

Yusuf drew, that banking reform aims to achieve a balance in the process of competition between the public and private sectors and allow private sector initiatives, that this process is an integral part of economic reform programmes because they represent a radical change to economic policies needed for economic development, and to lighten the burden borne by the State budget and public spending went towards supporting the infrastructure of strategic importance to enterprises.

This comes through the financing of small and medium-sized enterprises and companies to the private banking sector, and make it to the public banking sector in financing such operations because of its positive impact on the State budget, with the Government funding in infrastructure projects to support the process of economic development, increase savings and optimal utilization for the financing of investments and projects that help to achieve the goals of economic development and raise the standard of living of citizens.

External shocks

It also contributes to the empowerment of the economies of States seeking economic reform to adapt their economies to meet the requirements of economic development, as well as for facing external shocks occurring in the monetary and financial markets and its impact on other economic sectors, the banking reform aims to create a sound banking financial systems in order to promote macroeconomic stability and accelerate the pace of economic growth is desired, and banking reform to reduce the cost of credit and increased utilization and make the market more transparent and competitive.

Electronic performance

Remarked. Fuad Yusuf, to global variables under the digital world and Informatization are moving towards using electronic performance alternative to traditional accomplish lots of transactions, especially banking, stock became computerized banking hub kicks off and the activities of many organizations such as ambition about Apex financial transactions and banking m by designating the intellectual capital and knowledge accumulated by the human resource and the need for high skilled disciplines.

D concluded. Fuad Yusuf argued that "it is appropriate to provide electronic banking services to those variables, as this technology has helped in providing
Deal as a modern style based on electronics (electronic cards, electronic networks, electronic payment systems), it has become urgent to reform banking transfer financial and monetary world credit method depends on the platform for contemporary systems

The use of modern technology contribute to planting harvested through banking customer satisfaction and achieving economic growth through growth in monetary and credit and financial dealings, and field studies have shown for many of the investment banks that use banking technology has contributed effectively to move banking reform movement to improve the value of transactions between the Bank And the client».

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