A call for a balanced deal between the government and private banks 12/14
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    A call for a balanced deal between the government and private banks 12/14

    A call for a balanced deal between the government and private banks

    12/14/2015 0:00

    BAGHDAD - morning

    Economic expert Dr. Mahdi Al-Hafiz said that he has to be for Iraq to build a viable economy balanced to get rid of dependence on oil revenues and stand against the challenges and difficulties impeding the real development and the evolution of the economy in a sustainable manner.

    He said in a speech at the annual banking conference, addressing the participants: see in your meeting this vital window to go in the way of progress, innovation and building a sophisticated life in Iraq, and requires it to provide a helping hand Capricorn for the revival of the banking sector and make it tailored more with global developments and technical transformations and the needs of new generations in our country .

    He noted that the banking crisis in Iraq is part of the economic crisis experienced by the country years ago and requires a radical solution provides a financial resource and support economically feasible, pointing to the possibility that private banks are generous compared to government banks.

    And on the question »Sabah» on ways of enhancing the banking sector re-Hafiz to mind the contents of the detailed report on the status of banks in Iraq and the World Bank in coordination with the Ministry of Finance and the Central Bank, which came out important recommendations on how to improve the banking sector four years ago where counting banking crisis as the most dangerous side in the reform process, but these recommendations and, unfortunately, did not take the proper application of the process and she continued to private banks crisis.

    He returned to say: It seems that it is now more difficult than the previous because of various internal crises, which led to a decline in economic life, especially in the standard of living and widespread unemployment and the deterioration of services and domination corruption.

    Hafiz called for the need to deal balanced and sound between government banks and private banks and calls for the promotion of them through the provision of aid and expertise and comprehensive technical development and allow more flexibility in daily trading, noting that more than 90 percent of the deposits of the state go to the government banks, and many governmental obligations undertaken by these banks which are in fact not able to keep pace with the development in the world in terms of flexibility.

    Hafiz He also said that the reform does not take place today what image the roles that promote the wings of government and private Almsrvian, and the requirements of this advancement has to be a restructuring of official banks in Iraq and make them eager to more interaction with local economic needs and global developments have not changed and thus can create a state of balance and so as to provide for private banks serious conditions necessary for the advancement.

    Hafiz He pointed out that there are other vulnerabilities is the practical path and review some aspects of monetary policy, especially with regard auction currency through think carefully about finding another tool for the advancement of this task, in favor of the proposal that they can be that it is the responsibility of the Ministry of Finance to be the body responsible for dealing in foreign currency .

    He hinted that progress in this way will provide the possibility of maintaining the unity of monetary policy, based on the principle that the presence of the Iraqi Central Bank Hotobeir for a sovereign right of the country, and care should be taken to develop it and make it tailored to the different needs of the country.

    Hafiz He concluded by saying: The purpose of this whole Hotover appropriate atmosphere to walk in the way of economic reform as stated in the official government documents confirming the commitment to market economy, and so can the private banking sector to have a greater role and effectiveness of the most in public life.

    The Keeper has welcomed the participation of the Arab and foreign delegations at the conference promise task to take advantage of their expertise, praising the role of the Association and its tool for organizing this conference, which he described as vital to the start of the window in the way of progress and innovation.

    Last edited by Loopback; 12-14-2015 at 11:46 AM.

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