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Progress of development policy Institute held a seminar to discuss the future of the banking sector in Iraq

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Progress of development policy Institute held a seminar to discuss the future of the banking sector in Iraq

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Progress of development policy Institute held a Saturday Symposium/the future of the banking sector in Iraq/

The head of the Institute, Dr Mehdi Hafedh Parliament at the beginning of the seminar, which was attended by a number of specialists and interested host financial, economic and banking in Iraq, the importance of the banking round the sector in the development and development the economy of Iraq for his own material and human resources.

For his part, the Prime Minister's Advisor reviewed Dr Mohammad Saleh appearance date of Iraqi Government and banking systems that currently works under his headers size relative to its assets, which represents only a small percentage not exceeding two percent.

Turning to private banks noting that the ratio of capital to assets which are almost identical,

It also noted the relationship between the Government and private banks, describing beghiralmnsgmh at present, noting that 45 trillion i.d. of 65 trillion bank deposits are concentrated in Government and Mesopotamia, noting that capital investment in these banks is 34%, limits cash credit is up to 36 trillion dinars, 29 trillion of which is deposited with banks, either as loans or investments in government institutions, And 7 only civil banks trillions.

Acknowledging that the State banks enjoy sovereign liquidity because its activities depend on government institutions by 50-54% and the remaining excess liquidity.

And the benefit of the Iraqi banking law separating commercial banking from non-commercial ones and is applied to only governmental private banks. State banks are not compatible with the law No 94 of 2004 and operate comprehensive banking.

Saleh stressed the need for good governance, governance, management and ownership separation is an important matter for the sustainability and development banks.

President said the Iraqi Business Council Dawood Abd ROAR to the importance of restructuring State banks experiencing serious problems for decades, alluding to retrieve their deposits and capital still lags behind so I suggest turning it off temporarily and reorganizing and restructuring and developing international control for easy control and audit and organize its work to bring it back to life with a new management and a comprehensive and sophisticated banking system,

He said if we want to have a rational banking system and good vision for Iraq's economy and monetary policy, lending must be from the Bank's reserves, not from a depositor, and stressed the need for asadaraldinaralalktroni by the good Bank and Mesopotamia to leap to the Iraqi economy because all governmental funds and thus will control the funds through aldinaralalktroni and to eliminate bribery, nepotism and be one collection to the State in accordance with this system.

Dr Majid either sparing Iraqi Central Bank Board Member, confirmed that the restructuring of State banks on the table since 2005, and in 2008 we received a report prepared by the foreign company regarding evaluation of State banks/Rafidain and Rashid/operational and regulatory terms, which was an integrated programme by the World Bank and the Commission on the restructuring of State banks introduced since shhrmais 2009 of restructuring of operational, administrative and financial aspects and the SFC.

To complete all the studies and preparing recommendations, after two months of that date, we have developed an action plan for restructuring, and coincided with a law to state banks, but so far have not materialized restructuring and is waiting to see the light of day after approval by the Supervisory Committee.

Mock added that the Iraqi Central Bank worked hard to restructure State banks, but did not find a response from the Ministry of finance.

He stressed the need for political consensus-to get a rational banking system and salvation of problems and constraints facing the banking sector and specialized government banks suffered too.

He stressed that a comprehensive banking system is one of the main conditions for the development of the banking system, without which it cannot yttoralakatsad, as an institution cannot be privatized without restructuring. So it must restructure and then partly privatized auklia according to requirements.

Mock specialized banks criticized due to its interaction with the decisions of the Central Bank's 5 trillion dinars for SME support noting that such funds in Jala dispensing aspects would reduce shrinkage in public expenditure.

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