No real growth in the economy without sophisticated banking services

No real growth in the economy without sophisticated banking services
29/3/2016 12:00 am
Economic growth in Iraq cannot be talked about without growth in the aggregate and sectoral economic indicators for the economy with an increase in the volume of investment to upgrade and improve living standards
For citizens.

GDP is an important indicator as it reflects the country's economic performance and on the development of national income which reflected improvement in per capita income and economic and social well-being of the individual.

Oil can also be seen as the Foundation for the growth of the Iraqi economy through significant financial income support Iraqi economy depending kliaali oil exports and revenues in the General Federal budget funding and is almsadralasas on the financing of development programmes and investment spending. However, Iraq did not invest financial returns in the development of existing industries, new industries awanshaa this note through paralysis of national industry and Agriculture and its dependence on imports to meet local market needs and providing a food cart and opened the floodgates to foreign agricultural and industrial products that invaded our markets and destroyed our economy.
Per capita income is one of the indicators for measuring economic growth, so that real per capita income increase of aoziadh ability to meet needs mean economic growth in the country which leads to improvement of people's living.
Providing jobs for citizens and the Elimination of unemployment is another indicator of economic growth, as well as the provision of goods and services required to satisfy the needs of citizens and improve the level of health, educational, cultural, and economic growth, reducing social and economic disparities between strata of society, reflected growth in improving the balance of payments position and national security
For the State.
Social justice is the most important economic development so that the non-availability lead to prejudice in the development process, and reflects the significant growth and economic development economic development index.
That previous policies have removed Iraq from circle to circle of underdevelopment as category Iraq on United Nations Statistics within the poorest countries, despite its natural resources, and the most corrupt for t.i., and facilitate financial operations in order to measure the impact of advanced banking system on the Iraqi economy as a whole, with no positive results can be achieved without sophisticated banking services in the banking sector

World.
For the purpose of activating the role of the Iraqi banking sector must speed up bank transfer (and rational) into joint stock companies, and the introduction of modern mechanisms in banking and technology support international private and Government banks and own lagging pace with this rapid evolution which made modern banking products and services and focus on the need for coordination and integration between monetary policy and other economic policies, in particular fiscal policy.
There is a clear decline in investments that we believe was caused by weakness in the banking and financial environment, lack of credit, lack of clarity of decisions issued by the Central Bank of Iraq, especially with regard to interest rates.
You must expand the use of more monetary policy tools and achieve a balance between the objectives of monetary policy and monetary instruments at the same time to ensure that they do not conflict with each other, hopefully more important application of international accounting standards and the standards of the Basel Committee 1, 2 and 3.
That financial control over the work of commercial banks and other financial institutions would lead to activation of the performance of monetary policy with a view to achieving a harmonious environment and corresponds with international standards and practices in order to take the entire banking sector role in development and speed up the formation of a supreme body holds clear and practical recommendations for building an effective strategy in Iraq to banking reform and the achievement of current and future developments in the banking system, to activate the role of the Government and private banks now represents an urgent need to accept delays and procrastination They stem from the philosophy of the existing State.

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