No real growth in the economy without advanced banking services

Last updated 03/30/2016 - 01:30

Bgdeddad / Economy News ...

Economic growth in Iraq can not talk about without achieving growth in the overall and sectoral economic indicators of the economy with an increase in the volume of investment in order to raise and improve living standards
The GDP one of the important indicators, where he expresses the economic performance of the country's efficiency and the development of the national income, which will be reflected in improved per capita income and economic and social well-being of the individual.
The oil can be considered as the main source for the growth of the Iraqi economy through large fiscal revenues, where the Iraqi economy dependent Klaaaly oil exports and revenues to finance the federal budget, which Almsdralosas in financing for development and investment spending government programs. But in Iraq, the financial returns of oil did not invest in the development of existing industries or create a new industry and that is what we observe through the paralysis of our national industry and our agriculture and its dependence on import for the needs of the local market and providing food basket and opened the floodgates of foreign industrial and agricultural products, which invaded our markets and destroyed our economy .
As well as the longer average per capita income of one measure of economic growth indicators, as an increase in real per capita income Ooxiaodh its ability to meet the needs means achieve economic growth in the country, which leads to improvement of people's livelihood.
The provision of job opportunities 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 to improve the health, educational and cultural level, as economic growth reflects reduce social and economic disparities between the layers of the society, as well as a reflection of that growth to the improvement of the balance of payments and security national
Of the state.
Social justice is the most important requirements of economic development as the lack of availability leads to prejudice in the development process, and reflects the economic growth and development of the remarkable economic development index.
The previous policy had removed Iraq from the growth circle to underdevelopment circle where the class of Iraq in the United Nations Statistics within the poorest countries, despite its natural resources, and the most corrupt for TI, and to facilitate financial transactions in order to measure advanced on the Iraqi economy as a whole banking system effect, where can not achieve positive results without providing sophisticated banking services taking place in the banking sector in
the world .
For the purpose of activating the role of the Iraqi banking sector must speed up bank transfer state (Rafidain and Rasheed) to contribute, and the introduction of modern mechanisms of action firms in the banking activity and provide international rapid technological support, especially since the government and private banks lagging keep pace with the rapid development of the products modern banking services offered and focus on the need for coordination and complementarity between monetary policy and other economic policies, particularly fiscal policy.
There is a clear reduction in the investments that we believe was caused by weakness in the banking and financial sound environment, and the lack of necessary credit, in addition to the lack of clarity in the decisions issued by the Central Bank of Iraq, particularly with regard to interest rates.
Necessary to expand the use of more monetary policy and achieve a balance between the objectives of monetary policy and monetary tools tools at the same time to ensure that there is no inconsistency between them, hopefully the application of the most important international accounting standards and the standards of the Basel Committee 1, 2 and 3.
The existence of financial control over the government and commercial banks and other financial institutions action that would lead to activating the performance of monetary policy in order to reach a harmonious environment and in parallel with the international standards and practices and to the banking sector as a whole takes a major role in the development and accelerate the formation of a supreme body shall take clear and practical recommendations from in order to build an effective strategy in Iraq to achieve reform of the banking and the current and future developments relating to the banking system, because the activation of the role of government and private banks is now an urgent need not accept the delay and procrastination, because it stems from the philosophy of the current state based on free economy.