The readiness of banking institutions determine the growth of the economy

4/27/2016 0:00

BAGHDAD - Imad Emirate
D said. Fouad Youssef from the Faculty of Management and Economics at Mustansiriya University, said that the banking reform requires a real and fundamental overhaul of banking transactions from traditional roots to contemporary tender to provide the service on a personal level or business locally or globally on the basis of that measure the progress and growth of the economy of the country measured by the readiness of banking institutions to accept the rapid global changes and activate trade and formulating monetary and credit policies to suit global and policies, taking into account the economic Privacy for this country.

Credit money

He added. Fouad Youssef «Banking Corporation is of important contexts in money creation credit necessary for customers to contribute to the growth and progress of fiscal and monetary development on a global level, and the importance of banking reform came in restoring its banking engineering and drafting of policies and programming structure in harmony with the developments and new capabilities to draw knowledge of cognitive and enter the world of information and communication and the creation of a quantum leap in fact move the banking, economic and institutional keep up with it ideas and policies that reduce red tape spiral into a dynamic banking service. »

The balance of competition

He noted Joseph, that banking reform is designed to achieve a balance in the competition process between the public and private sectors and to allow the private sector initiatives, because this process is an integral part of economic reform programs because they represent a radical change needed for economic development of economic policies, and mitigation of the burden State budget economically and went public spending towards infrastructure facilities of importance of strategic support.

This comes through the financing of small and medium enterprises and companies to the private banking sector, and make it a support for the banking sector year in this financing operations because of its positive impact on the state budget, so that government funding will be focused on infrastructure projects to support the process of economic development, increase savings and optimal utilization In order to finance the investments and projects that help to achieve the objectives of economic development and raising the people's living standard.

External shocks

Also it contributes to enable the economies of the countries seeking economic reform to adapt their economies to face the requirements of economic development, as well as to face the external shocks that occur in the financial and monetary markets and their impact on the rest of the economy, and aims banking reform to create a bank financial systems intact in order to enhance the stability of the economy total and accelerate the pace of the desired economic growth, and banking reform to reduce the cost of credit and increase the use of, and make the market work more transparent and competitive.

Email Performance

He d. Fouad Youssef, that global variables in a digital world and the information age is moving towards the use of electronic performance alternative to traditional in the completion of many transactions, especially banking ones, and became computerized banking stocks axis springboard events and activities of many organizations Ktmouh towards the top of the financial and banking transactions and credit with the assistance of the head of intellectual capital and knowledge accumulated by the human resource and the need for high-skilled disciplines.

He concluded d. Fouad Youssef on to say that he «has become appropriate to provide banking services to electronically adapt these variables, as this technology has helped in providing Dealing remote as a New Approach is based on electronics (electronic cards, electronic networks, electronic payment systems), it became an urgent necessity to banking reform for the transfer of monetary and financial world, and to the credit method is based on the pillars of contemporary systems It is the use of modern technologies contribute to the planting banking services are harvested in which customer satisfaction and achieve economic growth through fiscal, monetary and credit transactions growth, since studies and trade field for many investment banks have shown that the use of banking technology has contributed to an effective contribution to the transfer of the banking reform movement to improve the value of transactions between the bank And customer ».