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Non-activation of the role of the Financial Court in resolving disputes The weakness of government support to the banking sector behind the lack of confidence of the citizen

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Non-activation of the role of the Financial Court in resolving disputes The weakness of government support to the banking sector behind the lack of confidence of the citizen

2018/12/16 8:02 am

The banking and economic expert Samir al-Nusairi criticized the weakness of government support to the banking sector, which contributed to the delayed growth of the banking sector.

Al-Nusairi said in a scientific symposium held by the Faculty of Management and Economics of the Iraqi University under the title «Financial and Monetary System one of the pillars of economic stability», the suffering of the Iraqi banking sector, especially private banks in all areas of banking activity because of weak government support provided to it, A number of decisions were issued by the Economic Affairs Committee of the Council of Ministers confirming the obligation of the concerned parties to provide support to the banks.

Al-Nusairi stressed that the weakness of follow-up by those responsible for the implementation of government decisions such as the Ministry of Finance obligates all government departments to accept the ratified instruments issued by private banks and to confirm the activation of the role of the Financial Court as provided by the law of banks and in accordance with the law of the Central Bank of Iraq Other courts.

He added that the shortcomings in the structure of bank financing in Iraq as a result of continued weak contribution of cash and credit granted to the gross domestic product to not exceed 16.8% while in the regional countries (Middle East and North Africa up to 55%).

He pointed out that the developments in the banking sector during the last four years are the commitment and work in accordance with the controls issued by the Central Bank of Iraq on combating money laundering and financing of terrorism derived from FATF recommendations and in light of the bases derived from the Iraqi Anti Money Laundering Law No. 39 For the year 2015.

He continued: compliance with regulatory instructions developed by the Central Bank in cooperation with the Center of the International Fund's Metac and make them meet international standards and requirements of Basel.

And the transition in the preparation of final and interim statements to international standards (IFRS), which ensures the transparency of data and dealing with it by all parties responsible for financial reporting.

For his part, called the financial expert Abdul Aziz Hassoun Iraqi Monetary Authority represented by the Central Bank, to continue efforts aimed at encouraging the public in dealing with banks and left the habit of compactness, especially with the high number of observations received from banks and international financial institutions on the decline in the volume of deposits in Iraqi banks For capital in a number of these banks.

Hasoun pointed out that some Iraqi banks deliberately delayed withdrawals or reluctant to perform, which requires the intervention of the Central Bank entrusted with the control of financial institutions, and the development of policies of control and accountability of these institutions, in accordance with the laws of the Central Bank and banks ».

He pointed out «the decline in the volume of deposits in banks, mostly from their capital, a situation is completely unacceptable in the world of banking and banking, especially as the foundations of banking is based on attracting deposits to operate and generate revenues through them».

He pointed out that «77 percent of the cash mass of the Iraqi dinar is in the pockets of people, and if the monetary authority is serious in the allocation of budget items in dinars, it must attract this bloc in the form of President, through several means, including direct selling to the dollar internally, At least to stop the capitalist exodus that almost empties the country of any capitalist capacity ».

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