Wissam Fattouh: Economic Aalnmo in Iraq faces three challenges, is to rely on oil Kbirwaldgot in the financial and banking sector and weak financial inclusion

Last updated 30/03/2016 - 02:12

Special / Economy News:
The secretary general of the Union of Arab Banks and Sam Fattouh said economic growth in Iraq is facing three challenges, is to rely on oil, weak financial inclusion, and the pressures on the banking and financial sector,
Fattouh called in a statement to delegates Agency / Economy News / to isolate the economy and financial sector for Alamoralssayash, to be able to thrive in volatile Aktralzerov, noting the experience of Lebanese banks in this area. Calling at the same time, the Iraqi banks to diversify their investments Abermntjat banking services and competitive.
Noting there study by the Union of Arab Banks about the circumstances that prevent the achievement of Alnamwalaguetsada in Iraq, has reached a diagnosis of three obstacles in this area is to rely Kabaraly oil and pressure on the financial and banking sector and the weakness of financial inclusion.
Stressing the need to diversify the domestic and foreign investments through the banking products and services, and the creation of small and medium enterprises, as the most important means of economic development, create jobs and national Tazizalanteg and reduce social differences and the fight against terrorism.
Turning secretary general of the Union of Arab Banks to the importance of addressing the weakness of the banking financial inclusion in Iraq, noting that the majority of Iraqis Aimitlkon bank account despite the presence of a factor of 660 bank branches in the country, including 260 branches in Baghdad.
He noted the problem of human inflation suffered by the Iraqi government and the private banking sector, which includes 29,000 employees of whom 12 thousand without work, /, according to a study by the Union of Arab Banks experts /.
Fattouh praised the efforts of the Iraqi Central Bank to Tazizsamud Iraqi currency against the dollar, also he praised his support for the Iraqi banking sector, calling for the empowerment of the private banking sector to operate freely, provided that adopting good governance and practice in the areas of administration crucifixion Almkhatrwalaitman.
He also called on the Iraqi private banks to internationally recognized banking policies to adopt and adjust the transfer of funds in accordance with the international laws and practices legislation.
He said Union of Arab Banks ready to support the Iraqi banks through training programs, noting in this regard that the memorandum of understanding already concluded by the Union with the Iraqi private banks association, which aims to Iraqi Tazizalmassarv and provide support and advice them according to international standards.
The Secretary General of the Union of Arab Banks in the conclusion of his statement, told / Economy News / that these goals can be achieved according to a unified, coherent program includes all Iraqi banks after the unification of structures.