Safety: towards generalization of the regulation of the private sector debt

He explained Lebanon's Central Bank Governor Riad Salameh, at the opening of Iraq's forum banking work yesterday in Beirut, that it was «generalization of the regulation of the private sector debt with the participation of the Banking Control Commission issue to deal with the challenges of the stage», saying «the introduction of new incentives to the basket for the year 2016 billion-dollar may rise to $ 1.5 billion », and referring to« the approaching launch of an electronic platform for trading stocks and contracts ». The Governor of the Central Bank of Iraq on the Keywords referred to the proposal for the privatization of the Rafidain and Rasheed, who possessing 80 percent of the total Iraqi banking sector. Safety and Keywords positions came at the opening of Iraq's forum banking work yesterday in Beirut in the presence of a large number of Lebanese and Iraqi bankers and business leaders and heads of companies international organizations and banking experts, attended by about 400 participants from Arab and foreign countries. He spoke at the opening to the safety and Keywords President of the Lebanese Association of Banks Joseph Tarabay and head of the Iraqi private banks association meek ​​Handal and CEO of group economics and business Raouf Abu Zaki.

Safety: stimulus package

focused safety at the beginning of Addressing the decline in growth on a global level and its impact on funding outside of Europe and the United States. He stressed the importance of a regional banking relationships and the need to combine the use of local currencies. He said that «the Bank of Lebanon seen the importance to deal with Iraq, especially the Iraqi Central Bank to coordinate risk and to achieve transparency and the fight against money laundering and exchange of experiences and activating the payment in local currencies between the two systems».

After pointing to the stability of the Lebanese pound and to initiatives to encourage confidence in the existence of stable benefits, and higher deposits by 7 percent on average per year, and the solvency rate of 12 percent, and expected that between 2015 and 2018 solvency rate will be 15 percent, and that growth will be close to zero in 2015. We have provided a package of incentives will include a credit of $ billion and up to $ 1.5 billion in 2016 and said, «The number of debtors rose between 1993 and 2015, from 70 thousand to 700 thousand, it has resulted in a credit packages so far more than 100 thousand residential loan financing. In addition, the Central Bank of Lebanon issued a circular to regulate the debt reassured, saying: «will not give up».

Keywords: identify strengths

The relationships, he said: «Iraq and Lebanon completely Mhaian for the transfer and development of the banking industry. The two countries also realize that responsibility on them to identify strengths and weaknesses in the process of the financial and banking sector, especially Lebanese banks that have opened branches in Iraq and are on the increase. The central banks are no longer the last resort it has become the first and last refuge. We must invest this position to take the economic role of banks for economic development ».

He Keywords desire to« create an atmosphere of confidence in the banks, and broken constraints: State restrictions on private banks and we take this process to its fullest extent. We have other actions that involve certainly to give the role of the private sector. » He is pointing out that «the most important step is the proposal to the Cabinet to convert the most important bankers in Iraq: Rasheed Bank and Rafidain Bank to private banks as companies contribution. The Iraq and by virtue of the size of these two banks intended to attract contributions from foreign banks, and this is very important. Perhaps the crucial element is important is the restructuring of the banking sector helps to create a competitive role for the sector ».

Bitter melon: tiger in difficult circumstances

and draw Handal attention to the« now we're in Iraq in difficult circumstances in part the result of economic hardships as a result of falling oil prices. Iraq passes as political and security conditions is not the lightest on the people and the government of economic hardship. The conditions that I mentioned and put everyone, including the Iraqi banking sector in the atmosphere and difficult challenges, prompting Iraqi private banks association to improve its performance to the performance of what it and what they can contribute to it in light of the crisis ».

Tarabay: the area in a dark tunnel

The head of the Lebanese Association of Banks Joseph Tarabay , that: the entire region in the heart of a dark tunnel. The cost owed ​​painful at all levels, including national economies. Losses pile up and surpass the capabilities of statistics and combine. No real growth and no development possible, but rising sharply exacerbate existing economic and social crises already ». Hello specific steps that offer successively by the concerned authorities in Iraq brotherly hand to develop the banking infrastructure and legal Amlanaa, especially those related to banking system and the law of electronic signature and the redefinition of capital required for banking units expatriate. This trend, as well as to tighten procedures in the fight against money laundering and terrorist financing. » He said: I care, identify some of the critical areas that can achieve a common and rewarding benefit and save time and money on the brotherly Iraqi banks, including: Lebanese banks have remarkable development expertise, Lebanese banks integrated and vital systems in the context of the overall banking, diversification of bundles of services and products in the areas of banking Retail Retail , allocated to the firms Corporate and banking, and investment banking. Lebanese banks possess advanced international standards and with locations in the scope of electronic banking. And accumulated from the experiences proven to absorb the consequences of repeated instances of disruption of internal stability and external influences ».

Abu Zaki

was Abu Zaki launched the opening session speech saying where that holding this meeting in Beirut is the embodiment of the Lebanese banking expansion in Iraq, but the level of cooperation between the Central Bank of Iraq and his Lebanese counterpart on a number of fields, particularly in the field of training and coordination among regulators.

Forum organized a series of Economics and Business and the Central Bank of Iraq in cooperation with the Central Bank of Lebanon and the Association of Iraqi private banks and the Association of Banks in Lebanon.