Central strategy supports the transition to a market economy

7/7/2015 0:00

 BAGHDAD - Hussein Tgb


Many countries around the world through a similar experience and overcome the transition phase in the economy quietly and smoothly and mechanisms certified executive and the involvement of public and private sectors and relevant experts within the central goal is to move to a stable and free economy and the adoption of mechanisms and ways and procedures are clear for all to give the Iraqi banking sector is a key and leading role of the private sector in the economic wheel and lead the market management.


Member Baghdad Economic Forum Samir Alnasiri stressed the importance of the strategy of the Central Bank of Iraq for the next phase include activating pre-emptive censorship and review the instructions and implementing regulations and guidance on the applications of monetary policy and a precise regulatory system to follow up on implementation, and in particular that concerns foreign exchange auctions currency overseen by the Central Bank of Iraq.


He said in an interview for the "morning" to the importance of completing the information technology system procedures and the national payments system and divided the executive and other projects for the development of modern banking.


He urged the development of the scope and quality of monetary and financial data with banks with an emphasis on disclosure and transparency, the development departments of Statistics and research in all banks and holds the organization and preparation of the data and deliver it to the competent departments of the Central Bank of Iraq Bmeidha specified in order to take advantage of the indicators in forecasting and analysis and take the necessary measures to reform and develop the sector, the central decisions Iraqi banking.


Alnasiri stressed the need to develop human banking resources by adopting modern methods in training, rehabilitation and development capacity and functional expertise specialized, and approval of accounting and international standards and Maasdr all related to the global economy and international banking organizations and try to take advantage of it in the development and reform the banking operations


He said the current private bank financing structure to undergo a lot of failures and constraints, and in order to increase the credit product and funding from private banks and activate their contribution to various aspects of the reconstruction investment, and push the development process, and moving the economic cycle in Iraq, we see serious as an essential step is to start to maximize the funding of special projects small and medium, as the goal of all social and economic private and urgent priority. And develop and promote the financing of small and medium enterprises.


Alnasiri said: that the central strategy can not be the drafting of the executive its mechanisms without real and effective participation of the public and private sector banking, through opinion and advice, study and analysis of the reality of the banking sector and its impact on economic reality.


He suggested the formation of cell crisis holds the study and analysis of the economic reality and the role of the banking sector in sustainable development, and draw priorities preparation strategy of the Central Bank of Iraq for the next five years according to Maaherna earlier, and the development of operational mechanisms and contexts for the application of the strategy on the ground and determine the time their tracks and recommendations, as well as took follow-up mission and monitoring and evaluation of the strategic objectives.


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