70 percent of the money is invested
Version: -International paper Sunday, February 26, 2017 (00:00-GMT)
Last update: Sunday, February 26, 2017 (00:00-GMT) Baghdad-Adel Mahdi
Iraqi Central Bank Governor called for relations to attract idle funds without real employment, estimated at 70 percent of the size of the money supply, with the need to create opportunities to attract these funds by building confidence between the banking sector and the citizen which must be assured that his money.
In a speech at the opening of the new headquarters for the Association of Iraqi private banks», «Central Bank sector pushes towards the adoption of sophisticated banking systems in tune with the international banks and a calendar of infrastructure banking development in Iraq, enhancing the services provided to beneficiaries on the retail level.
Proximity detection system application deposit guarantee company which helps to create trust between the citizen and the banking sector, urging all banks to be one hand to support this project which serves all parties and guarantee the rights of depositors.
He appealed to the private banks to play a prominent role in the economic development process by funding large projects, as a sophisticated business methods must depend, in particular, a number of private banks succeeded in building a modern framework for its work.
Iraq need relations stressed the economic incentives to ensure each investment resources, prompted banks to play a positive role in this area despite the challenges, there are great opportunities allow overcoming obstacles, but there must be effective products capable of supporting the wheel of development».
He added that the banking sector of inherited failed rode slow became world developments», stressing the «importance of training in the development of the financial sector and its impact on all economic sectors».
He commended ASEAN's role in this area, stressing that the real growth cycles in capacity, especially that the banking sector is required to keep abreast of global developments.
The head of the Iraqi private banks Association «» Wadi bitter melon, «Central Bank played a significant role in the development of the private banking sector through the prior instructions which follow financial activity in Iraq.
He stressed that «the financial capacity building sets Association priority plans and annual programmes aimed at rehabilitation experiences in all banking activities without exception.
He noted that «new headquarters contains all training requirements that provide the ideal atmosphere for a trainee lecturer Professor», pointing out that «private banks aspire to develop all her joints and competing regional and international counterparts.
Description of mark the experiences promoted Iraqi banks over the past decades, due to it laid foundations for a new generation of banking expertise launched and gained great experiences for the advancement and development of products.
The opening ceremony witnessed the signing of a memorandum of understanding between the «progress of development studies Institute» and «Association of private banks to strengthen cooperation and coordination in the field of rehabilitation and training, banking and financial and private sector development.
Sector experts confirmed that the financial distress experienced by Iraq as a result of declining oil prices and keep money at home, had led to a shortage of liquidity, along with a gap between the citizen and the banks, as it requires legislative assurances contribute to strengthening bank deposits.
And there are other challenges had exacerbated the liquidity crisis, especially in private banks, including the State general budget allocations release for ministries contribute to reimburse contractors who have dealings with large sums of private banks, also causing decline in liquidity in the banking sector, while beyond monetary savings in houses $20 billion according to relevant statistics.
Experts pointed to the loss of large amounts of cash in bank branches in areas previously under the control of terrorism, making large cash block outside cash transactions and adversely impacted in real liquidity in the country, stressing the need for deposit guarantee Act, which is the most axis restore confidence between banks and citizens.