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To promote the reality of the performance invitation to recalibrate and classification of all banks

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To promote the reality of the performance invitation to recalibrate and classification of all banks

06/9/2016 12:00 am
Baghdad-Saha Al shaikhli

Seeking professionals and experts to develop solutions to tackle economic problems by offering proposals to facilitate the process of economic reform, reform of the banking system as a financier and investor Chief actor in the development process required by Iraq under the present circumstances.

In this regard the banking expert Samir Al Nassiri proposals to promote banking actually is examining the realities of Central Bank (Government and private) by re-assessment and classification of these banks, and assign a competent staff in financial analysis and determine the performance efficiency standards for banks (and credit management) with the participation of the Association of Iraqi banks, advisers and experts of independent bankers not working in these banks, in order to prepare the report review and evaluation and reclassification of banks.

Iraq's banking sector represents 7 State banks are all of Mesopotamia, the Iraqi Trade Bank and Rashid Bank, industrial, agricultural and real estate banking Islamic rivers, besides the 44 community banks including a number of Islamic banks besides specialized branches of foreign banks.

Al Nassiri pointed out in an interview forĀ» morningĀ» the importance of implementing the resolution of the Central Bank's Board of Directors on the Board of Directors nomination controls and leading banks, employees and emphasize the separation between owners and executive departments and not allow them to intervene at all operational work at the Bank.

He pointed out that the economic crisis that Pant features since mid-2014 and continued its repercussions so far, behind causes known to economists and the public, specifying the reasons of financial mismanagement in State institutions, and non-oil resources thoughtful disposition earned for previous years and declining oil prices by 65 percent from what it was, adding to the cost and requirements of the war on terror.

And confirmed the presence of steps to address the wrong policies in economics is the importance of developing a methodology or a clear strategy of the Iraqi economy, in addition to coordination between fiscal and monetary policy, and not rely completely and absolutely on oil resources and establish plans and programmes to diversify resources and encourage other economic sectors such as agriculture, industry and tourism.

And the need to apply a alstratigiat prepared by committees of Cabinet advisers bodies in cooperation with the United Nations international organizations of which there were about 16 strategy not carried out yet as I supported days financial abundance oil revenues.

Al Nassiri has focused on the need to move towards building a secure infrastructure and the sponsoring institutions and supporting the Iraqi economy, adopting mechanisms and correct methods in monetary policy applications and find an alternative currency auction being encountered several criticisms.

He added that the big problems experienced by cash trading and market instability of dinar, the flight of the ratio of foreign currency outside Iraq for non-economic objectives and download Central Bank responsibility that must be shared by government institutions such as the ministries of trade and planning, finance and Interior as well as speculators wetgaralamlh, led to lower saving ratio for banks money supply to 23 percent, compared with 77 percent of compactness beyond the banking sector.

This case suggests a lack of confidence between customers and a number of banks due to low liquidity in some minimal what led these banks unable to fulfil their obligations to customers on request refund the deposits.

And maintaining the application of laws that do not comport with the reality of Economics Al Nassiri said: that these laws are governing banking and economic situation in Iraq add to legal investment and money laundering which have been making modifications to them.

He continued: since everyone knows that the episode first and basic economic reform is the banking sector, financial sector and investment should play a role in economic development, requires review and analyze and diagnose the causes and try to reach a successful solution to the crisis affecting both the economy and the public sector The banker.

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