Central strategy supports calls for change

7/13/2016 0:00

Stability in the financial system and the banking reform, the most important objectives

BAGHDAD Shokran Fatlawi

A member of the Advisory Board of the Forum for Baghdad economic: that the central bank launched Strutijeth for the years 2016-2020 in conjunction with calls for fundamental and comprehensive of the Council of Ministers and the House of Representatives of change, pointing out that the strategy set and painted the way for reform of the banking and in accordance with the objectives of the main and foremost to support and achieve financial stability, activating the role of financial institutions and the banking sector, the development of the organizational structure and the organizational structure, the development of human capital and the activation and integration of internal and external relationships.

New mechanisms and policies

Promised economist Samir Abbas Alnasiri attention to mechanisms and new policies that can be adopted by the central bank and government and private banks and relevant authorities with regard to the banking reform, according to a method fundamental change desired for the economy in the next stage which is the banking sector first and basic in it about it is important episode.

Alnasiri noted that the strategic goals has been to identify the time period their applications to five years to achieve the 23 sub-goals are based on the achievement of financial stability, stability of the financial system, uncles financial inclusion and access to institutional reform and structural banking sector in Iraq, adding that through the analysis and action points mechanisms to achieve the above objectives can be seen that the strategy set clear priorities to achieve reform and that these Protozoa been diagnosed in light of the challenges faced by the banking sector due to the severe economic and financial crisis that is currently afflicting the country subjective and objective reasons.

The suffering of the banking sector

He added that the diagnosis of the priorities of the suffering of the banking sector requires the central bank and the relevant authorities to draw and to develop mechanisms and procedures for processing during the year 2016 and not to wait for the next five years through the re-citizens and customers in the banking sector of Iraq, particularly the private banks the confidence accompanied by action to increase the proportion of savings in banks to compactness outside banks ratio reaching 23 percent savings ratio and compactness 77 percent, according to statistics, as well as the completion of the structural and technical underpinnings of pre-emptive censorship.

He Alnasiri that review and evaluate the results of the banks and reclassified by certified and identify weak banks that need to central bank intervention to restore its activity and bankruptcy protection as well as to assist and support the banks, which have been hurt in the provinces income organization źDaash╗ terrorist international companies, let alone address currency sale and try to find alternatives to them and to leave entirely and strengthen the central bank's initiatives in the financing of small and medium enterprises window will contribute to the revitalization of the economic cycle and the diversification of the general budget for 2016 resources.

Approach to banking reform

He suggested a member of the Advisory Board of the Forum on Baghdad and economic, for the purpose of making a fundamental change to the method of the banking reform as stated Balstratejah According insight into the priorities and challenges faced by the banking sector, the importance of the central bank to study and analyze the 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 and the adoption of an evaluation indicators and clear and based on force banks to international law and standards.

Setting performance standards

He stated that assigning a specialized team in financial analysis and determine the efficiency of the performance of banking standards in all areas of banking, administrative and credit, preferring that the international team be independent and impartial, taking into consideration the results of the evaluation system of the US for the 2013 and 2014 accompanied by the central bank full control and supervision of the movement banking business in Iraq by focusing on the electronic pre-emptive censorship office and field and a programmer and outline and identify irregularities and lapses and abuses of executive banking departments and to take corrective measures sponsor to conduct a fundamental change of approach to banking reform.

He concluded Alnasiri his speech by saying: that the application of the Board of the Central Bank decision on controls the nomination of board members and staff leaders in the banking and focus on professional competence and functional integrity, reputation and personal brand specialist and expertise are other capable Bhhalp problems and apply the strategy desired perfectly.