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    Central Bank: Everyone in front of the responsibilities of construction and reconstru



    Central Bank: Everyone in front of the responsibilities of construction and reconstruction


    At his third annual conference in Baghdad

    The Central Bank of Iraq held its third annual conference in Baghdad under the slogan "Towards achieving sustainable financial and economic stability" with a view to putting the Iraqi banking system on the path of prosperity and development 2017. The speech of the President of the Republic was read on the occasion and focused on strengthening the financial sector and monetary policy, and the prospects for prosperity and development are strong, especially after the victory over the terrorist "calling", under the direction of development and building the future of the Iraqi economy and social. The role of the central bank and its efficiency and the importance of its relations to promote economic interests in conjunction with the international desire for this, and the role of partnership with international institutions and address the problems and obstacles in front of it, and adopted a strategy of cooperation contribute to economic development.

    Achieve evolution
    Governor of the Central Bank d. Ali Alaq said: "The conference is a moment that places everyone in front of the responsibilities of construction and reconstruction and the creation of a sound economy. The need to aspire to a national administration reflects the ability of the government to manage the country efficiently through the ability to form a rational institution to achieve sustainable development, rule of law and achieve general stability. Peace and development, and the adoption of the principle of equal opportunity rather than opportunities and governance for electronic ".


    Wealth Management
    The second pillar of the national administration requires macroeconomic management in light of the trend that drives the real sectors and is based on this by activating the role of the private sector. The last pillar is the financial policy which is the engine to manage wealth and face financial risks. At a time when the Ministry of Finance has achieved important measures in financial reform In front of other reforms, the most important of which is to reduce the gap between local revenues and domestic expenditures. "He proposed reducing the gap by 2.5 percent annually and over 30 years the gap would be 15 percent as well as activating economic sectors and reducing dependence on financial resources one".
    Al-Alaq reviewed a number of achievements that accompanied his work during the last three years and focused the central bank's strategy on capacity building and allocations for the purpose of developing specialized banks and private banks and maintaining a globally acceptable cash reserve.

    Development options
    The Minister of Labor and Economic Affairs said in his speech: "We look forward to the recommendations of the conference that move the reality of the economy and society in our goals to build a state of social justice. We also look forward to opening new development options and enhancing financial and monetary policies and maximizing the capacity of investment supporting the market the work". "The industrial sector is a demand and a main objective of our work, opening up the private sector to build industrial infrastructure and reduce imports, the local".

    Country precautions
    Chairman of the Finance Committee Mohamed Tamim noted that "under the development trends, we recognize the important role of the Central Bank in monetary policy and regulate the work of banks and all functions, and formed the independence of the central step important to achieve the objectives of monetary policy to ensure not to deviate from its objectives and maintain the country's reserves."
    He stressed "the importance of working to diversify domestic production through the issuance of legislation that will diversify the economy and give a greater role to the banking sector to contribute to development."
    Chairman of the Committee on Economy and Investment Representative Ahmed Kanani, said that "the conference bears great significance as we live victories and prepare for building and growth and look forward to a greater role of monetary policy." He pointed out that "the presence of experts at the conference is important for the exchange of experiences and what counts for the center that the conference was organized in Baghdad after it was organized outside the country."


    Achieve development
    "The conference comes at an ideal time after Iraq clears the dust of terrorism and it is looking forward to the stage of real construction and reconstruction, which requires a banking sector to be the center of success in achieving development. The conference came to be the banking system in one place discussing the requirements The need for future and view the march of the Central and the systems adopted and the extent of service provided to the public, and see the future plans of the Center, which represents the sponsor and father of the banking system. He pointed out that "the subject of financial inclusion, which I have advocated for years since the morning newspaper; today takes a large part of the attention of the conference and this is a success of the banking system, where services reach all citizens.

    Check the utility

    Director-General of the South Islamic Bank d. Ahmed Zaki Younis Bin that "the conference under the great victories achieved by our army and our holy mobilization on the forces of darkness and the end of their existence can be described as important, because we are in front of a new stage of construction and reconstruction," pointing out that "the presence of this large number of experts money and economy leads to the establishment of sound rules For the national economy and starting from axes and fixed rules that benefit the national economy. "


    A valuable opportunity
    The Executive Director of the Association of Iraqi Banks Ali Tariq pointed out that "developments in the private banking sector comes through the identification of weaknesses and work to address them, and the conference represents a valuable opportunity to discuss the mechanisms of modernizing the banking system and make it rise to the world in providing sophisticated products that tune And the volume of future work in Iraq." He pointed out that "the Association of Banks closely follows the banking process and has full plans to promote it through integrated training programs to create human capabilities with international efficiency, and more than 2000 employees have been trained during the current year from the public and private sectors, Has a new shape during the coming period and is able to activate economic activities and support the productive sectors and service. "

    Monetary policy

    Director General of Payments, Dr. Abdul Karim Bent said: "The Central Bank of Iraq seeks in its work to be a role model for the rest of government institutions through its outstanding performance to contribute to the achievement of sustainable economic development and prosperity for citizens through its mission based on (modern administrative practices, Prudential, financial sector governance, adopting an efficient monetary policy) and building on the institutional values ​​of loyalty, creativity and innovation, teamwork, integrity, transparency, fairness and equality. "

    Electronic collection

    "Through this vision, the strategic plan for the next five years has been launched. Despite the keen interest of the Bank's management in adopting and launching projects and initiatives at the specified time, the Central Bank has sought to have a reflection of this plan in the financial and banking sector, which is reflected in the development of services, And the strengthening of financial coverage in Iraq, because of its direct link to fight corruption and speed in the completion of transactions and the development of the work of ministries and institutions all the transition to payment and electronic collection will ensure the transition to electronic government and facilitate procedures.

    Efficient system
    "The interest in the payment system has been a key factor in monetary policy and effective management of leading the shift to electronic payments and access to a society that helps control the provisions of the supervision and control tools through the establishment of an efficient and effective system based on international standards in this area and a legal framework ensures Equality, transparency and justice for all participants and users of the systems through the organization and supervision of the work of electronic payment services companies and building effective partnerships with the private sector to serve the higher interest of economic development and infrastructure development of the system financial. "

    Cash Management
    Stressed that the availability of payment systems in Iraq, the main benefits to banks and projects and people in Iraq, the most important information on the management of cash and maintain the confidentiality of information and reduce the risk of paperwork and transactions of high value and transactions of low value are processed quickly and safely and transparently, as well as linking all banks And the Ministry of Finance directly at the Central Bank of Iraq and reduce dependence on cash and improve the investment environment in Iraq.

    https://www.alsabaah.iq/ArticleShow.aspx?ID=148995
    Last edited by Okie Dinar; 12-09-2017 at 10:54 PM.



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