Nasiri: financial distress treated with viable projects

1/6/2016 0:00

BAGHDAD - Hussein al-Tamimi Tgb
looking for viable solutions to the financial hardship that the country experienced sustained in light of the lack of financial revenue because of the decline in oil prices to levels that were not unexpected, One of the solutions put forward in the economic arena is the need to create a banking sector capable of making the financing of the various economic processes.

Samir Alnasiri member of the Baghdad Economic Forum said that the many causes on the subject of financial distress and seem obvious to everyone, particularly the lack of investment and financial abundance in projects achieved significant economic feasibility of Iraq and reduce the impact of crises.

Alnasiri between in an interview for »Sabah« a number of requirements that longer treatment preliminary at the suffering of the local economy in the forefront of commissioning a specialist team in financial analysis and identify efficiency performance standards for banks in all areas of banking administrative and banking and credit and would prefer that this team be independent and impartial, taking into account the results of the US evaluation system camels for the years 2013 and 2014.

He urged that the Bank Iraqi Central full and comprehensive control over the banking movement in Iraq by focusing on the control of pre-emptive electronic office and field and a programmer and scheme, pointing out the importance of identifying irregularities and errors and excesses of the executive management of banking and take corrective action, and sometimes a deterrent after giving them the time necessary and sufficient to correct and reform.

He Alnasiri on the separation between owners and executive departments and do not let them never to intervene Executive work can Malkin adoption specialist advisers in the preparation of banking plans and financial analysis and determine the efficiency of performance and follow up the implementation Akhtth Council and in a manner commensurate with the concern for the money of shareholders, customers and invested properly and clearly.

He called to take deliberate steps to establish a development bank and investment involved capitalizing State by no more than about 25 percent, and is managed by the private banking sector and holds the state direction and control over the accounts to monitor and audit the Board of Supreme Audit subject, stressing the importance of restructuring of State-owned banks and work to be privatized in accordance with the memorandum signed with the World Bank with focus on the contribution with some discreet banks in the private banking sector, and by no more than 25 percent that these banks are managed with the mentality of the market economy and is regulated by the Financial Inspection Office and the aim of achieving a contribution beyond the current ratio of 8 percent of gross domestic product and bringing it to the ratios achieved in the regional countries .

He pointed out the importance of a media economic specialist and national active and key role in supporting the banking reform through the adoption of Iraq's economic problems of the current financial and stayed with him and contribute to the creation of economic stability and to enable and assist the economic institutions.

Alnasiri between the importance of the involvement of Iraqi banks, advisers and experts, the Association of Bankers independents do not work in these banks in order to prepare the audit report and evaluation re-rating of banks and identify banks that continue to work in the banking sector or not, banks proposed merged with other banks in order to increase the efficiency of their work and to change the current departments specialized and efficient administrations.

And the role of the Central Bank of Iraq drew Alnasiri to the importance of reviewing his policy for control of monetary policy, specifically its mechanisms and tools related to the preservation of the Iraqi dinar exchange rate against foreign currencies according to a balanced and fixed rates somewhat, noting that this requires the study of the subject of an auction sale currency and the bank to secure the Iraqi dinar to the Ministry of Finance and the possibility of financial role and deal with cash do foreign rather about him.

He said, that fact needs to be the central reconsider study and issue regulations guiding and implementing new and directing banks to work in line with the new outlook for cash management with a focus on the theme of re-distressed debt classification and identification of the allocated reserve, as well as to speed up the establishment of guarantee company deposits, making the bank participate in supervision and participation in the management and risk prevention, as well as activate and develop the promotion and financing of small and medium enterprises with economic and development feasibility and to achieve the goal of reducing unemployment and without the complexity of the operational procedures and make the implementation process is one of the approved evaluation criteria for banks to 2016.

Initiative and stressed the importance of cooperation with the Securities Commission and stimulate the study and development of Iraq Stock Exchange and to find the means and mechanisms that lead to the lifting of the market and companies index prices to suit the standards of its assets and its output and profits by at least certainly for the nominal value of the shares.