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Calls to develop the banking system and promote development

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Calls to develop the banking system and promote development

Monday 23 December 2019 42
Baghdad / Al-Sabah


Specialists in banking affairs called for the need to develop the Iraqi banking system to enhance its contribution to financing investment projects,

while they presented a set of proposals to restore confidence between the citizen and private banks that coincide with the voices of the Iraqi street demanding real economic reform that addresses the problems of development advancement and provides a better life for Iraqi society.

The former head of the National Private Banking Association, Abdel Aziz Hassoun, said in an interview with Al-Sabah: “Banks in general, whether private or governmental, whose mission is known is to attract deposits and operate funds with known mechanisms through lending or financial support,

but the problem is that private banks in Iraq have turned To banking and foreign exchange business, and this is mainly outside the banking norm, ”and that“

banks do not deal in buying and selling foreign currencies, except that the challenges in Iraq generally prevent banks from carrying out their normal duties in financing the market and revitalizing Economy".

Monetary authority

He added that "the development of the banking system is one of the duties of a group of authorities, foremost of which is the monetary authority, when its supervision and supervision over the banking system are completely safe, reliable and acceptable to the business of the banks," noting that

"banks in order to restore the public's confidence must provide them with what Reassure him to encourage him to deal with her".

Economic policy

In turn, the expert in banking affairs, Salem Al-Bayati, said in an interview with "Al-Sabah": "Some of the private banks in Iraq have become far from their real tasks and their work is limited to selling and buying the dollar.

This is due to the absence of economic policy in Iraq because financial institutions are part of the policy." Economic ", pointing out that the profits of banks in Iraq go to people or a group of people and thus make these people do not think about economic policy For the country."

National income

Between that "the Iraqi banking sector is not creating an economic addition to the national and national income, and there are no credits, so many private banks have been subject to what is called oversight, control, hand control, or trusteeship because of the absence of effective oversight over work. Banks."

He explained that "there are a set of proposals to advance the banking sector and restore citizens' confidence in private banks, which is the need to draw a clear economic policy and identify institutions each according to their role, as well as complete legislation and related laws, and prevent non-fulfilling workers and be in accordance with integrated conditions, in addition to undertaking restructuring and evaluation These banks and monitoring their performance,

therefore, some of them can be closed or merged according to the international banking standards.

Beneficiary need

The expert on financial affairs, Ghazi Al-Kanani, stated that "the evaluation of banks cannot be made according to the capital alone,

but we must look at the services that are provided and the extent of their development and how much they meet the needs of the beneficiary, whether it is a company or a citizen."

He pointed out that "the major economic blocs around The world owns banks of various specializations with small, medium and large capital, and provides advanced services,

which makes it imperative for us to benefit from those experiences that have achieved major successes in this field and have supported Economy".

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