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Central Bank: all before construction and reconstruction responsibilities

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Central Bank: all before construction and reconstruction responsibilities

10/12/2017 12:00 am

Third annual Conference in Baghdad.

Baghdad/morning staff

Amid the significant presence of finance and economy experts in the public and private sectors held the third annual Conference, the Central Bank of Iraq in Baghdad under the slogan "towards a sustainable financial and economic stability" in order to put the Iraqi banking system on the path of prosperity and development, and the CBI award announced For the year 2017.

Acting President read Word and focused on strengthening the financial sector and monetary policy, and that the prospects for prosperity and development of strong, especially after a victory over "ISIS" terrorist, under the directions of development and building the future of the Iraqi economy.

And also thanks to the Central Bank's role and the efficiency of the word and the importance of his ties to promote economic interests in conjunction with the international desire for it, and the role of the partnership with global institutions and address the problems and obstacles, and adopted strategy of cooperation contributes to economic development.

Check for evolution

Central Bank Governor Ali allaq said: "the moment put everyone in front of the building and reconstruction responsibilities and create a sound economy whe need to aspire to national express the Government's ability to manage the country efficiently through the ability to form rational Foundation achieve sustainable development and the rule of law And overall stability, so that peace and development are interdependent, and the adoption of the principle of equal opportunities rather than the distribution of opportunities and application of governance. To email".

Wealth management

The second pillar of national management require macroeconomic management under the guide moves to real sectors through activating the role of the private sector, the last pillar is fiscal policy, which is the engine of wealth management and financial risks, and the Ministry of Finance has achieved Important procedures in financial reform before other reforms notably reduce the gap between domestic revenue and expenditure, proposing to reduce the gap of 2.5% annually over 30 years would be 15 percent gap along with activation of economic sectors and reduce reliance on financial resource One".

He reviewed relations inter achievements that accompanied his work during the last three years and the strategy of the Central Bank's focus on capacity-building and customization to the development of specialized banks, private banks and maintain a cash reserve is universally accepted.

Development options

The Economic Affairs Committee of the Council of Ministers of Economic Affairs Minister said in his speech: "I look forward to the recommendations from the Conference moved the reality of the economy and society, in our efforts to build a social justice, we also look to open new development options and strengthening fiscal and monetary policies And maximizing investment capacity in support of labour market".

"Teghail the industrial sector represents a requirement and an objective basis for our work, and opening up to the private sector to build the infrastructure for industries and reduce imports and their impact on production Local".

The country's reserves

The Financial Committee Chairman Mohamed Tamim noted that "under the developmental directions we recognize the important role of the Central Bank on monetary policy and regulating banks and all functions, formed the Central independence is an important step to achieve the objectives of monetary policy to ensure no deviation from its objectives and maintain precautions The country".

He stressed "the importance of working to diversify domestic production by passing legislation to diversify the economy and give a greater role to the banking sector to contribute to development.

Chairman of the Parliamentary Committee on the economy and investment, Ahmad Nelly among the "great and semantics carries Conference we live triumphs and meditations of construction and growth and look forward to a greater role for monetary policy."

The presence of experts at the Conference is important for sharing experiences and what counts for the Conference organized in central Baghdad after it was organized outside the country."

Achieving development

Financial expert academic Dr Sadiq al-shammari said: "the Conference comes at the perfect time after a flick Iraq dust terrorism and here's looking forward to the reconstruction phase of the banking sector requires real focus in success, the Conference came to be banking in one place to discuss requirements Future need and central process systems adopted and the extent of the service to the public, and the future plans of the Shepherd is central and father of the banking system.

He cautioned that "the subject of financial inclusion, which sought to build in years across the morning paper; today takes substantial attention from the Conference and this is a success for the banking system so reach services to all citizens.

Benefit

Managing Director of the Islamic Bank of South Dr Ahmed Zaki Younis the Conference under the great victories achieved by our armies and mobilized Bible on the dark forces and end their existence can be important, because we are in front of a new phase of reconstruction, "pointing out that" a large amount of money experts Economy leads to establish proper rules of national economy and launch of fixed rules and benefit the national economy."

Valuable opportunity

The Executive Director of the Association of banks of private upscale Tarek noted that "developments in the private banking sector comes through diagnosing weaknesses and work on them, the Conference represents a valuable opportunity to work to discuss mechanisms to update the banking system and make it live up to the world Providing advanced products which chime and the size of future work in Iraq."

The Association of banks closely follows the happenings of the banking business and have full plans to promote it through integrated training programmes that create efficient global human capacities, and actually been trained more than 2000 employees during the current year from the public and private sectors, fully aware that the banking sector have u Each new period ahead and unable to activate economic activities and support for productive sectors And SOA.

Monetary policy

Director General Abdel Karim showed that sacrificed payments "Iraqi Central Bank seeks in his work to be lead by example in the rest of the Government institutions, through outstanding performance in contributing to sustainable economic development and prosperity of citizens through his letter-based (modern management practices, Precautionary regulatory policy, financial sector governance, build an efficient monetary policy) and reliance on institutional values are loyalty, creativity, innovation, teamwork, integrity, transparency, justice and equality."

Electronic collection

Noted that "by this vision, the strategic plan was launched for the next five years despite the Bank's interest to adopt and launch projects and initiatives in a timely manner, the Central Bank has sought to be a reflection of this plan in the financial and banking sector is reflected in the Develop services and infrastructure and the human element and promote financial inclusion in Iraq, because of its direct link with the fight against corruption and speed in processing and developing the work of all ministries and institutions move to electronic payment and collection will ensure a transition to e-Government and facilitate "Procedures.

Efficient system

"Abdul Karim came interest in payment system being a nerve in monetary policy and effective management to lead the shift to electronic payments and access the non monetary society helps in terms of supervision and control tools, through the establishment of an efficient and effective system based on the criteria The international legal framework and guarantees equality, transparency and fairness for all participants and users of the systems through the Organization of the work of electronic payment services companies and supervision and building effective partnerships with the private sector to serve the best interests of economic development and development Infrastructure of the system CFO."

Cash management

Stressed that the availability of payment systems in Iraq benefits his boss banks and enterprises and people in Iraq the most important comprehensive information on cash management and maintaining confidentiality of information and reduce the risk of paperwork and transactions of high value and low-value transactions are processed quickly and securely and transparently, As well as linking all the banks and the Treasury directly to the Iraqi Central Bank and reduce reliance on cash and improved investment environment in Iraq.

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