Iraq claims at a rapid pace to restore confidence in the banking sector

Views 57 Date 18/08/2016 - 15:37

Economy News / Follow-up ....

Said banking expert Samir Nasiri, the diagnosis of the priorities of the suffering of the banking sector require from the Iraqi Central Bank and the concerned authorities drawing mechanisms and procedures for processing and not to wait five years before re trust of citizens and customers of the Iraqi banking sector, especially private banks.

He added in a press statement I followed "Economy News" was accompanied by action to increase the proportion of savings in the banks to the proportion of compactness outside banks, as saving 23 percent rate was the proportion of compactness 77 percent, according to statistics, as well as the completion of the structural and technical foundations controlled proactive.

He pointed out the need to review the results of the banks, evaluated and reclassified through certified and identify weak banks that need the central intervention to re-operate and protect it from bankruptcy international companies, as well as assist and support the banks, which have been hurt in the provinces income organize Daesh terrorist, as well as addressing sell the currency window and try to find the alternatives and to leave entirely.

He stressed the need to strengthen the central initiatives in the financing of small and medium contribute to the revitalization of the economic cycle and diversify its budgetary resources in order to achieve a fundamental change of approach to banking reform as contained in the central strategy for 2016-2020 projects, according to an insight into the priorities and challenges faced by the banking sector.

And demanded commissioned a specialized team in financial analysis and determine the efficiency of banks performance standards in all areas of administrative banking and credit work, preferring to have an international team, independent, neutral and takes into account the results of the US assessment of the 2013 and 2014 system, coupled with the central control of the banking movement through a focus the pre-emptive censorship of electronic office and field and a programmer and scheme, identifying irregularities and errors and excesses of the executive departments, and take corrective action to ensure a fundamental change of approach to banking reform.

Alnasiri He pointed out that the application of the Council of the central administration's decision regarding controls the nomination of members of the Board and staff leaders in the banking and focus on professional competence and functional integrity and reputation of personal, commercial and specialist expertise, capable of solving problems and apply the desired strategy in full form.

He Alnasiri identified the application of the strategic objectives of a five-year period, as well as achieving the 23 sub-goals to achieve financial stability and the consolidation of the financial system, right down to the institutional and structural reform of the sector. » He stressed that «the Central committed eight banks to deposit amounts in excess of 500 billion dinars (400 million dollars) to enhance liquidity and to respond to requests from depositors, pointing out that the Board of Directors of the Bank has committed board members for returning the money that previous loans from their banks and registration of registered real estate names the names of banks and banking departments.

It is noteworthy that the Iraqi Central Bank launched its strategy for the years 2016-2020 in conjunction with calls for fundamental and comprehensive change of the Council of Ministers and the House of Representatives in accordance with the objectives of the President, first and foremost to achieve financial stability and development of the organizational structure and the development of human capital and the activation and integration of internal and external relationships.

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