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The central strategy of support calls for change

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The central strategy of support calls for change

13/7/2016 12:00 am

Stability in the financial system and banking reform its most important goals

Baghdad-Iraq's PM Chai
Member of the Advisory Board of the Economic Forum of Baghdad: stratigith fired Central Bank for the years 2016-2020 in conjunction with fundamental and comprehensive change invitations issued by the Council of Ministers and the House pointing out that the strategy identified and charted the way for banking reform in accordance with the main objectives in the forefront of supporting and achieving financial stability, activating the role of the banking sector and financial institutions, develop organizational structure organizational structure, development of human capital and the activation and integration of internal and external relations.

New mechanisms and policies

Economist Samir promised Abbas Al Nassiri attention to 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 to the economy in the next phase which is the banking sector first episode and its core deal.

Al Nassiri noted that strategic objectives have been identified a five years time applications to achieve 23 sub-objective based on financial stability, entrenched financial system, uncles financial inclusion to structural and institutional reform of the banking sector in Iraq, but that by analyzing the mechanisms and action points for the above goals can be seen that the strategy identified clear priorities for reform and that these primitives was diagnosed in light of the challenges facing the banking sector because of severe financial and economic crisis afflicting the country now Subjective and objective causes.

The suffering of the banking sector

He added that the banking sector suffering priorities diagnosis requires the Central Bank and the relevant authorities draw and develop mechanisms and procedures for processing through the year 2016 and not to wait for five years through the confidence of citizens and customers of the Iraqi banking sector and particularly banks accompanied by increasing the proportion of savings in banks to compactness outside banks where savings accounted for 23% and 77% compactness ratio according to the statistics, as well as a complete structural and technical underpinnings for proactive monitoring.

Al Nassiri pointed out that audit and evaluation results of banking and reclassified by accredited international companies and identifying vulnerable banks which need Central Bank intervention to restart their activity and bankruptcy protection as well as assistance and support to banks that suffered damage in the provinces regulate ISIS terrorist, let alone sell window treatment and try to find alternatives and leaving it entirely and strengthening Central Bank initiatives in the financing of small and medium-sized enterprises will contribute to the revitalization of the economic cycle and diversify resources of the general budget for 2016.

Banking reform approach

Advisory Board member proposed economic forum of Baghdad in order to make a fundamental change to the banking reform curriculum according to balstratiget and as an insight into the priorities and challenges afflicting the banking sector, the importance of 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.

Define performance standards

He stated that mandated a team specializing in financial analysis and determine the criteria for the performance of banks in all areas of banking credit management and preferring to be independent and neutral international group taking into account the results of the evaluation system for 2013 and 2014 us accompanied by Central Bank 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 would make fundamental change Banking reform approach.

Al Nassiri concluded his speech by saying: that the Central Bank's Board of Directors resolution on nomination controls Board members and leading banks and staff focus on professionalism, integrity and personal and business reputation and professional experience are also capable of bhalhalh problems and apply the strategy pursued to the fullest.

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