Coordination and control are important factors for the development of the economy

1/24/2015 0:00

Banking proactive measures to prevent errors
  BAGHDAD Mustafa al-Hashemi


After the Central Bank of Iraq announced that he is considering initiatives and actions are important for the promotion of development and job creation in line with the law and in the light of the financial challenges, the President Association of private banks in Iraq and Wadih Handal said the central pay attention to the initiative made by the Association for the development of the banking sector and the work of banks and sponsorship of the play its fundamental role in economic development, and access to the desired end represented by the role of the directorates of control over the banks.


He added that it is the backbone and directed the President, and the practice of proactive control, supervision and prevention in order to avoid falling into the errors that may affect the case of aggravation to damage the reputation of the banking sector in general and questioning effectively Central Bank in this regard.






Relationship with banks




He said Handal told the "morning" that the central bank expressed interest in this subject "and seeks to rebuild the relationship with the banks on a new basis check the common interests of all parties through the consolidation of the concept of consultation, coordination and consolidation exercise the role of preventive censorship calendar and focus on the key risks, including interest real protection for the work of banks, which avoided falling into harmful caveats and then its credibility and reputation of the banking sector. "


He said release of the book from the central bank thanked the governor, Dr. Ali Keywords Association on this important initiative that reflects the desire of the Association in the development of the banking sector and the work of banks in Iraq through cooperation and coordination with the Central Bank of Iraq.


Handal and pointed out several steps to support this approach by saying: "We have taken a number of actions and decisions that support our approach, and we will continue with this approach, and we are still working on the completion of this half down to build a positive relationship strengthened the role of the banks."






Job and career opportunities




Banks play a major role in the economy as the body which funds various projects, whether medium or small by providing loans to projects which contribute to create jobs or jobs which would reduce unemployment and provide additional revenues for families, reinforcing steps Iraq's progress towards prosperity Alaguetsada.wabdt Association satisfaction with these statements about the initiative, especially as the country is undergoing a significant and near approving the budget and blessed CBI important steps in this regard.






Government program




The government program, especially the false axis private thirdly to encourage the shift to the private sector and paragraph (d) thereof that define paths and public mechanisms for the development of the banking business, pointing out that they need to make great efforts of the relevant government agencies in the private banking sector to overcome challenges and obstacles to reform and development Iraqi banking sector.




Pre-emptive censorship




Experts emphasizes the importance of strengthening the role of pre-emptive censorship to curb laundering and smuggling of money, and the development of a proactive plan to address the financial collapse that may suffer from some private sector banks because of the current circumstances until surpassed by the year 2015, and argued the need to develop programs for continuous cooperation between the government and private banks with the unification of the transaction for both parties and to develop new criteria for the classification and evaluation of banks in the light of the financial indicators and measuring the efficiency of their performance and their role in contributing to economic development.


He returned Handal to acknowledge that the Association in constant contact with the central bank During her seminars and workshops aimed at the development of the banking business, recalling that the last of which was a seminar (brainstorming about the performance of the Iraqi economy - the possible options) which was attended by Minister of Planning and Salman Jumaili and Director of the Office Prime Minister Mahdi Keywords and representatives of the Iraqi Central Bank and Ministry of Finance and investment Authority and economists and the Association of private banks in Iraq, which has participated as a speaker at the head of this event.


  And presented the President of the Association meek Handal word in which he mentioned the most important steps taken by the Government, a private Iraqi banks to grant immunity against obstacles and interference from some quarters that hamper their work, especially its role in the fight against unemployment and poverty.




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