Iraq: claims for quick steps to restore confidence in the banking sector


Banking expert said Samir Al Nassiri, to diagnose priorities require banking sector suffering the Iraqi Central Bank and stakeholders draw mechanisms and procedures for processing and not to wait 5 years before restoring the confidence of citizens and customers of the Iraqi banking sector, especially private banks.

He said "the economy news boards the press accompanied by increased saving ratio at banks to compactness outside banks, savings accounted for 23 percent and 77 percent compactness ratio according to the statistics, as well as a complete structural and technical underpinnings for proactive monitoring.

He noted the need to review and evaluate banking results and reclassified through accredited international companies and identifying vulnerable banks which need central intervention re their activity and bankruptcy protection as well as assistance and support to banks that suffered damage in the provinces which ISIS, as well as sell window treatment and try to find alternatives and leaving it entirely.

He stressed the need to strengthen the Central initiatives on financing small and medium-sized projects contributing to the revitalization of the economic cycle and the diversification of budget resources with the aim of achieving fundamental change to banking reform approach as contained in the central strategy 2016-2020, with insight into the priorities and challenges faced by the banking sector.

Demanded commissioned a specialized team in financial analysis and determine the criteria for the performance of banks in all areas of banking and credit management, preferring to be internationally and independent group, neutral and take into account the results of the evaluation system of us 2013 and 2014, accompanied by Central Bank action movement controlled by focusing on the proactive oversight office and field and electronic programmer and scheme, identifying irregularities and lapses and excesses in executive departments, and take corrective action ensures a fundamental change of approach to banking reform.

Al Nassiri drew the Central Board's decision on the nomination of members of the Board and controls on leading banks and staff focus on professionalism, integrity and personal and business reputation and professional experience, capable of solving problems and applying the desired strategy completely.

Al Nassiri said application period identified strategic objectives in five years, with 23 subsidiary goal to achieve financial stability and consolidation of the financial system, down to the institutional and structural reform of the sector. He stressed that the central banks committed 8 ędeposit amounts exceeding 500 billion dinars (400 million dollars) to boost liquidity to respond to applicants, noting that directors be members of boards of private banks back the money they borrowed her from their banks and real estate registration registered their names with the names of the banks.

The Iraqi Central Bank launched its strategy for the years 2016-2020 in conjunction with fundamental and comprehensive change invitations issued by the Council of Ministers and the House of representatives according to the main objectives, chiefly financial stability and development of the organizational structure and the development of human capital and the activation and integration of internal and external relations.