Wissam Fattouh: Iraq has the ingredients economic advancement

12/26/2015 0:00

Arab finance potential cover anticipated growth

Baghdad the morning
Of the Secretary-General of the Union of Arab Banks and Sam Hassan Fattouh said that Arab banks located in the heart of the major problems that surround the area, and of weak economic growth, unemployment and lack of Alastaqraroalvesad, pointing out that the Atnqs potential and exceed the needs funding to cover and a credit growth is anticipated, but needs to security and political stability.

This came in a speech in the Iraqi banking conference held in Baghdad recently, adding as we have of human capacities and competencies that allow us to pave the way for investment climates and activate economic relations interfaces .obescon question «morning» on the site Iraq between this potential and the role it can play in this aspect, said Fattouh: that Iraq constitutes a distinct and perfect case for investment and construction projects, especially as the size of the big Alasttmart required to achieve development requires funding effort and Tsnieia and operational multi-jurisdiction. investment opportunities and called Fattouh not excessive and the loss of features that enjoyed by Iraq's most attractive investment of the availability of scientific and technical potential, natural resources, legal and legislation to ensure and facilitate investment operations and allow market access equal opportunities for investments Arab and foreign with the availability of funding mechanisms and the transfer of currency to and from Iraq.

He said Fattouh to the development witnessed by the banking sector and improve the competition environment Through leave a number of Arab and foreign banks to exercise banking activities in Iraq returned it Moundz which calculates the hardware government .ozad saying that the central bank to adopt a number of measures aimed at reforming the banking sector and raise the level of performance through the issuance of regulatory framework governing the payment systems and the issuance of electronic payment and increase banks' capital law may actively work banking .wachad procedures for the central bank in the promotion of foreign exchange reserves and its gold reserves in order to maintain the stability of the dinar exchange and the promotion of confidence in him price. performance of banks, said the Secretary General of the Union of Arab banks overall have performed well During the year 2015, reaching growth of banking sector assets ratio during the first half of this year, about 6 percent and exceeded the deposits accounted for 85 percent of the size of the Arab economy with loans accounted for 67 percent of its size, but predicted a decline in growth Economic in the Arab region in general and the Gulf in particular during 2016. source of liquidity and attributed the reason to the decline in oil revenues, which constitute a source of liquidity to the markets, and warning of the possibility of adverse effects on the performance of Arab banks functioning.

He expressed at the conclusion of his speech expressed his confidence that the Arab banks and foreign operating in Iraq a prominent role in the economic development sought by Iraq and contribute to the development of the performance of local banks through the transfer of experience through training programs undertaken by the Iraqi Association of private banks in the light of the cooperation with the EU or bilateral cooperation with banks on an individual basis and this Mataattalbh stage for the next address on the expected decline in economic conditions and lower surpluses resulting from the decline in prices of governments to the effects of the oil.