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Strategic stability in the financial system and banking reform

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Strategic stability in the financial system and banking reform

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Samir Abbas Al Nassiri
An economist
Member of the Advisory Board of the Economic Forum in Baghdad


The CBI launched its strategy for the years 2016-2020 in conjunction with fundamental and comprehensive change invitations issued by the Prime Minister and the House of representatives and the political blocs to form a new Government of technocrats disagreed all different views about the specs and capacity to Minister the hoped for. And that concerns us as specialists in economic and banking Affairs is what new mechanisms and policies that could be adopted by the Central Bank and Government and private banks and the relevant authorities for banking reform in accordance with the fundamental change of approach the Iraqi economy in the next stage, which is the first and basic banking.

The Central Bank strategy identified and charted the way for banking reform in accordance with the following main objectives:

1. support and financial stability.

2. activate the role of the banking sector and financial institutions.

3. development of organizational structure and organizational structure.

4. the development of human capital.

5. activating and integrating internal and external relations.

Since these strategic objectives have been identified for five years period of time applications to achieve sub-objective 23 derived based on financial stability and firmness of the financial system and uncles financial inclusion and access to structural and institutional reform of the banking sector in Iraq.

But by analyzing the mechanisms and action points to achieve the above goals note that strategy have identified clear priorities for reform and certainly that these primitives was diagnosed in light of the challenges facing the banking sector because of severe financial and economic crisis afflicting Iraq currently for subjective and objective reasons before needlessly re.

So can diagnose priorities requiring banking sector suffering from the Iraqi Central Bank and the relevant government agencies of drawing and developing mechanisms and procedures addressed during 2016 and not to wait for five years and are as follows:

1. restore the confidence of citizens and customers of the Iraqi banking sector and particularly private banks.

2. to increase the proportion of savings in banks to compactness outside banks where savings accounted for 23% and 77% compactness.

3. complete the structural and technical underpinnings for proactive monitoring.

4. establish institutions and deposit guarantee and credit laws.

5. review and evaluate the results of banking and reclassified by accredited international companies. And identifying vulnerable banks requiring intervention by the Central Bank to restart their activity and bankruptcy protection.

6. help and support banks that suffered damage in the provinces entered by ISIS.

7. address window selling currency and try alternatives instead and leave it entirely.

8. strengthening Central Bank initiatives in SME finance and contributes to the revitalization of the economic cycle and diversify resources of the general budget for 2016.

So in order to make a fundamental change to the banking reform approach according to the strategy as an insight into the priorities and challenges afflicting the Iraqi banking sector and propose the implementation of visions and ideas:

First: the Central Bank study and analysis of the reality faced by Government and private banks by reviewing, evaluating and rating these banks based on financial statements and results of its work for the year 2015 and adopting clear and evaluation indicators based on existing banking law and international standards.

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And assign a dedicated team in financial analysis and definition criteria of efficiency of banks in all areas of management and banking banking credit and preferably internationally independent and neutral group taking into account the results of the American rating system for 2013 and 2014.

Secondly: the Central Bank of Iraq full control and supervision on the banking movement in Iraq by focusing on the proactive oversight office and field and electronic programmer, Planner and identify irregularities and lapses and excesses of banking executive departments and take corrective action.

III. application of the decision of the Board of Directors of the Central Bank of Iraq on controls the nomination Board members and leading banks and staff focus on professionalism, integrity and personal and business reputation and professional experience.

IV. restructuring of State banks and work on privatization according to the memorandum signed with the World Bank with a focus on its contribution with some discreet private banking sector banks and not exceeding 25% to be administered these banks with the mentality of the market economy and under the control of the Office of censorship and deliberate steps to establish a Bank for development and investment involved State brasmalh not exceeding 25% and run by the private banking sector and the State direction and control that audited the control and Audit Office of financial supervision.

Fifth: the Central Bank of Iraq to reconsider his policy of control over monetary policy and the selection mechanisms and means for preserving the dinar against foreign currencies and this requires study of auction and sale of currency and the Bank securing Iraqi dinar to the Ministry of finance and the possibility of a financial role and deal in foreign exchange and credit approach instead of foreign remittances currently supported to maintain the integrity of the conversion.

Vi: a Central Bank Advisory Committee in conjunction with the Association of banks, experts and advisors and private bankers providing advice and expertise to the Bank's Board and the relevant departments before making important decisions concerning monetary policy and their impact on the economic situation in the implementation of the recommendations of the third Iraqi banking conference held at the end of 2015.


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Hits count 135 history addendum 11/07/2016 13:39 last updated 12/07/2016-06:16 content number 4274

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