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Specialists suggest restructuring some banks similar to government ones
Economical 12/19/2024
Al-Sabah: Hussein Falih
Experts and specialists in financial and banking affairs stressed the need to redouble efforts aimed at restoring customers’ confidence in banks, stressing that
this step would absorb the accumulated cash mass and increase the volume of deposits,
calling at the same time for the restructuring of some private banks similar to government ones.
Financial advisor Abdul Rahman Al-Sheikhli told Al-Sabah:
The Iraqi banking system was suffering from many problems, especially before 2003 as a result of the lack of private banks,
but after 2003 work expanded to establish many banks, but
most of them did not keep pace with international systems and standards, so it was You suffer from a lot of problems. Al-Sheikhly added that
restructuring
during the last year and a half, specifically after the imposition of US Federal sanctions on some banks, all of them began seeking to restore their status in a manner consistent with international standards, stressing the
necessity of restructuring some banks in order to be supported by international standards. The financial advisor pointed out the
Hoarding money
necessity of restoring trust between the banking institution and the customer, as
it was lost a long time ago,
which prompted citizens to hoard their money outside banking channels for the purpose of preserving its timely disposal, because
some private banks due to
circumstances beyond their control,
mismanagement, and
other matters. It
kept the citizen away from the banks. The spokesman pointed out
Electronic systems
the necessity of
moving completely towards automation and the
use of modern electronic devices in a manner commensurate with the large size and responsibility undertaken by banking institutions, stressing that
in the recent period these banks have begun to change their work towards electronic systems according to the government’s directions. Al-Sheikhli explained that the
Sound system
Prime Minister recently focused on a very important aspect, which is
restructuring government banks, first, and
then private banks, where
government banks began, especially in the Rafidain Bank, and the
completion rate for this project reached the range of 74 to 75 percent, and
what remains is only less than 25 percent and perhaps It will be completed soon, so
we will have a wonderful model of a very sound banking system that we can adopt and emulate in other banking institutions.
Serious steps
For his part, the expert in financial and banking affairs, Mustafa Akram, said in an interview with “Al-Sabah”:
The government has begun serious steps to rehabilitate and develop the Iraqi banking system, as
most banks, especially private ones, suffer from backwardness as a result of monetary policies, indicating that the
government has focused on
automating the work of banks and introducing a
system Electronic payment in order to develop the Iraqi banking system.
Digital transformation
It is noteworthy that the Association of Private Banks recently announced an increase in deposits in the banking sector during the last two years, while
indicating the government’s great interest in the recent period regarding digital transformation in general and the shift towards an electronic payment system, and that
“during the last two years deposits in the banking sector increased,
Nearly 75 percent of the monetary mass is outside the banking system and
requires a great effort to motivate citizens, companies, and institutions to use the banking system more, which is what is currently happening, but
this type of work needs to be accelerated to control financial operations in Iraq.
https://alsabaah.iq/107455-.html
Economical 12/19/2024
Al-Sabah: Hussein Falih
Experts and specialists in financial and banking affairs stressed the need to redouble efforts aimed at restoring customers’ confidence in banks, stressing that
this step would absorb the accumulated cash mass and increase the volume of deposits,
calling at the same time for the restructuring of some private banks similar to government ones.
Financial advisor Abdul Rahman Al-Sheikhli told Al-Sabah:
The Iraqi banking system was suffering from many problems, especially before 2003 as a result of the lack of private banks,
but after 2003 work expanded to establish many banks, but
most of them did not keep pace with international systems and standards, so it was You suffer from a lot of problems. Al-Sheikhly added that
restructuring
during the last year and a half, specifically after the imposition of US Federal sanctions on some banks, all of them began seeking to restore their status in a manner consistent with international standards, stressing the
necessity of restructuring some banks in order to be supported by international standards. The financial advisor pointed out the
Hoarding money
necessity of restoring trust between the banking institution and the customer, as
it was lost a long time ago,
which prompted citizens to hoard their money outside banking channels for the purpose of preserving its timely disposal, because
some private banks due to
circumstances beyond their control,
mismanagement, and
other matters. It
kept the citizen away from the banks. The spokesman pointed out
Electronic systems
the necessity of
moving completely towards automation and the
use of modern electronic devices in a manner commensurate with the large size and responsibility undertaken by banking institutions, stressing that
in the recent period these banks have begun to change their work towards electronic systems according to the government’s directions. Al-Sheikhli explained that the
Sound system
Prime Minister recently focused on a very important aspect, which is
restructuring government banks, first, and
then private banks, where
government banks began, especially in the Rafidain Bank, and the
completion rate for this project reached the range of 74 to 75 percent, and
what remains is only less than 25 percent and perhaps It will be completed soon, so
we will have a wonderful model of a very sound banking system that we can adopt and emulate in other banking institutions.
Serious steps
For his part, the expert in financial and banking affairs, Mustafa Akram, said in an interview with “Al-Sabah”:
The government has begun serious steps to rehabilitate and develop the Iraqi banking system, as
most banks, especially private ones, suffer from backwardness as a result of monetary policies, indicating that the
government has focused on
automating the work of banks and introducing a
system Electronic payment in order to develop the Iraqi banking system.
Digital transformation
It is noteworthy that the Association of Private Banks recently announced an increase in deposits in the banking sector during the last two years, while
indicating the government’s great interest in the recent period regarding digital transformation in general and the shift towards an electronic payment system, and that
“during the last two years deposits in the banking sector increased,
Nearly 75 percent of the monetary mass is outside the banking system and
requires a great effort to motivate citizens, companies, and institutions to use the banking system more, which is what is currently happening, but
this type of work needs to be accelerated to control financial operations in Iraq.
https://alsabaah.iq/107455-.html
