******** Alnasiri: we need a plan to prevent financial collapses

9/16/2015 0:00

BAGHDAD - Hussein al-Tamimi Tgb

Escalate the need to lay the foundations and contexts and laws that serve to rebuild the economy in accordance with the new look depends potential state and the private sector, particularly the banking sector and draw a phased and strategic road map.

Member Baghdad Economic Forum Samir Nasiri said that the process of economic reform requires the development of new foundations and methods for economic reform, pointing to the importance to start banking reform because without sound banking sector can not build a sound national economy.

It focused on the development of a plan to address the financial collapse experienced by some private sector banks due to lack of current liquidity conditions and harmed financially and physically, especially in hot areas affected by terrorism.

He suggested in an interview with {the morning «to take immediate remedial action in the banking sector the formation of a specialized team is linked to the General Secretariat of the Council of Ministers headed by the Prime Minister for Economic Affairs Adviser and membership of specialists and experts, representatives from the Iraqi Central Bank and Ministry of Finance and the Association of Iraqi private banks as well as economists

And bankers.

Alnasiri between the need that the team shall be considered and discuss the executive procedures for reforming the banking first economic reforms approved by the Council of Ministers step and ratified by the House of Representatives, which include modifying the laws governing the banking business and is the Banking Act (94 of 2004) and the Central Bank Law (56 of 2004) and the law of the Iraqi market Securities (74 of 2004) and the Money Laundering Act (93 of 2004) and the Law on Investment, as amended (13 of 2006) and the Companies Act (21 of 1997).

He stressed the adoption of a new financial monetary policy lead to comprehensive reform and restructuring of the public and the private banking sector, and the development of contexts and mechanisms for coordination between financial and executive two policies, as well as activating the supervision and control of pre-emptive electronic banking and supervision in accordance with the preparation and issuance of instructions and regulations guiding executive

New.

Alnasiri urged to activate the role of government in building a strategy for the development of micro, small and medium enterprises and to develop mechanisms to build and clear the private sector to actively participate in so that it can be transformed from continued government sector into a major partner and then to the commander of the market, and the creation of investment funds and the contribution of banks in which to finance large-scale projects

And strategy.

He stressed the need to focus on increasing credit and finance, soft loans and activation of employment deposits in the aspects of investment and reconstruction and advancing the process of economic development, as well as the development of information and banking technologies of modern technology in all its forms with a focus on disclosure and transparency of financial statements for banks and customers, urging the instructions and mechanisms that contribute to the development status human resources and banking in particular the protection of banking experience or leadership competencies being the national economic expertise, which would contribute to the stability and development of the banking business, warning of the need to develop new criteria for the classification of private banks in accordance with international standard criteria

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