Central strategic achieve financial stability

6/4/2016 0:00

BAGHDAD - Hussein al-Tamimi Tgb
Strategy aimed at the Iraqi Central Bank for the years 2016-2020 to achieve financial stability and activating the role of financial institutions and the banking sector as it requires hard work to achieve the goals of the 23 efforts to support (according to expert Economic).

The International Union of Arab Bankers member Samir Nasiri: that a fundamental change of approach to banking reform as stated Balstratejah according to an insight into the priorities and challenges facing the Iraqi banking sector requires that the Central Bank is examining reality of the government and private banks by reviewing, evaluating and rating these banks on the basis of to the financial statements and the results of its operations for 2015, pointing to the importance of the adoption of the assessment indicators are clear and based on force banks to international law and standards.

Work efficiency

He added in an interview with «morning« The realization of the strategy needs to identify banks that continue to work in the banking sector or not, banks that are proposed merged with other banks in order to increase the efficiency of their work and to change the current departments specialized and efficient and develop the work of the good and discreet banking departments and help them to continue to work within the sector Iraqi banking according to sound contexts and correct for the fact that the banking sector is the foundation of the national economy.

He pointed out the importance of the Central Bank of Iraq full control and supervision of the banking movement locally by focusing on the electronic pre-emptive censorship office and field and a programmer and outline and identify irregularities and lapses and excesses of the executive management of bank and take corrective action, and sometimes a deterrent after giving them the time necessary and sufficient to correct and reform.

An international team

Alnasiri suggested assigning a specialized team in financial analysis and determine the efficiency performance standards for banks in all areas of banking administrative and banking and credit work and prefers that this team is international independent and impartial, taking into account the results of the American Evaluation System for the years 2013 and 2014.

He urged the Council to apply the CBI's decision management controls on the nomination of board members and staff leaders in the banking and focus on professional competence and functional integrity and reputation of personal, commercial and specialist expertise.

Project Financing

He pointed out the necessity of activating and encouraging the development and financing of small and medium-sized projects of economic feasibility and development and to achieve the goal of reducing unemployment and without the complexity of monetary action initiative and make the implementation process is one of the authorized banks to the 2016 evaluation criteria.

He called the central bank to form an advisory committee in conjunction with the Association of Banks, experts and advisers economists and bankers from the private sector provides advice and expertise to the Board of Directors of the Bank and their Circles competent and before important decisions on monetary policy industry and its impact on the economic situation in implementation of the recommendations of the Third Iraqi banking conference held at the end of 2015.

Restructure banks

Alnasiri stressed the importance of restructuring State-owned banks and work to be privatized in accordance with the memorandum signed with the World Bank with a focus on its contribution with some discreet banks in the private banking sector, and by no more than 25 percent, pointing to the importance that these banks are run with the mentality of the market economy and subject to the supervision of the Office of control and take deliberate steps to establish a development bank and investment involved capitalizing the state by no more than about 25 percent, and managed by the private banking sector and the state will undertake the guidance and supervision of the accounts to monitor and audit the audit Bureau Almalah.onnbh to the need to establish a deposit insurance company and credit guarantee what makes the bank contributes to the control and participation are subject in the management and prevention of risks, indicating the importance of the Central do reconsider his policy for control of monetary policy, specifically its mechanisms and tools related to maintaining the Iraqi dinar exchange rate against foreign currencies.