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Central Bank: We aim to create a solid banking sector

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Central Bank: We aim to create a solid banking sector

02/9/2018 12:00 am

Adopt participatory and evaluation control

Baghdad / Hussein Thugb

New trends adopted by the Central Bank to change the banking reality and make it move to a better stage of the banks contribute to the realization of social benefits and contributions to the actual economic development through the implementation of service and productive projects in more than a detailed economic.

Director General of Banking and Credit at the Central Bank Ihsan Al-Shamran confirmed "the Central Bank's accession to the organization (Aliyevi) on the issuance of standards of Islamic banking, came at the request of the organization, which wanted to join the Central Bank, after the expansion of Islamic banking in the country and exceeded 20 banks, This organization in the state of Bahrain and another in Malaysia."

Achieving benefit

He pointed out that "the pattern of control over banks has developed significantly, and the central bank is pushing the banking sector towards a real service to the national economy, especially as the function of banks to raise funds from those who have financial abundance and employment towards the benefit of the national economy and parties involved in the process.

He stressed that "the new Central Bank's directions include the development of the foundations of control, and here I mean participatory control supervision control and take by hand and guidance, to create a solid banking sector capable of supporting the national economy and the use of funds in the tracks supporting the development process Sustainable development".

Government Advisor

Al-Shomran said: "The positive step of the Central Bank to support the economic sectors through the initiative of the 6 trillion dinars, including 5 trillion dinars for the banks specialized agricultural, industrial and housing and" 2 "trillion dinars for private banks," noting that

"a major shift in the work of the Central, The government, and this initiative enabled the protection of the state at the time of financial hardship and indirect instruments."

Social Responsibility

He pointed out that "the social initiatives launched by the Central Bank, with the participation of the banking system after the local banks began to realize social responsibility for them,"

it is not surprising that "around the world there is a social responsibility rests with the banks as they contribute to projects that belong to the community and also contribute In the interest of most of its categories, where the proportion of the profits to the initiatives Community".

Actual requirements

He explained that "the prime minister formed a committee to manage the lending initiative for 6 trillion dinars, and the central bank part of the committee that looks at the actual needs and the real joints that require directing funds towards them and benefit the national economy," noting that

"the central bank encourages the support of projects that move Market through this initiative."

Support the economy

He pointed out that "amounts of the initiative start less than 50 million dinars and up to 20 billion Iraqi dinars, and this is a positive indicator of the Central Bank in support of the economy and society."

He stressed that "the central bank's assessment of participatory assessment leading with banks, to precede the imbalance in performance and evaluation of work, and we have committees specialized in the selection of bank leaders to show the importance of looking at the horizon of the farthest results."

Under guardianship

On the banks that put under the tutelage, Shomran said: "The status of troubled banks under the tutelage comes from the possibility of returning to life and revive it, protecting the funds of depositors and reputation banking, which led us to adopt measures to help revive, and we have in 2016 8 banks are very troubled and then plans by the Central Bank saved 6 banks and resumed activity.

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