******** Deposit Insurance Law does the economy

1/7/2016 0:00

BAGHDAD - Hussein al-Tamimi Tgb

Activation of economic cooperation with the international effort contribute to a logical solutions that minimize the effects of the financial crisis that Iraq is going through because of low oil prices, and the requirements phase of the move the other economic sectors (according to Khbayra economy).

Iraqi National Business Council member Ali tempted said that the economic situation experienced by the country needs real action to achieve the economic feasibility of the country and start a new phase join together all the efforts to move the production process and activate the sectors Economic.

He added in an interview with «morning» that the process of activating economic sectors require building bridges of trust between the public and the beneficiaries of the banking sector through legislation guaranteeing the rights of all parties, as well as the adoption of banking technology in the development of the banking sector, which is the center of economic attraction.

Tempted stressed the importance of overcoming this stage, especially that Iraq is in front of big challenges to the security and economic requires the mobilization of efforts and resources to activate the financial market and the banking sector levels at the same time does not leave room for the growing economic recession and unemployment, which came as a result of the sharp drop in oil prices taking place in Iraq Currently.

He pointed to the importance of benefiting from the project financing of the Iraqi Central Bank and the role of the financing of small and medium-sized projects and funding and its impact on job creation, as well as five trillion dinars initiative.

In turn, said Tariq Ali Managing Director of the Association of Iraqi private banks that the future plans of the Association include communication with the international and regional banks that adopt advanced systems can be employed to serve the local economy.

Tariq said that the reactivation of the banking sector and driven through activation of the filing process in various private banks and to provide funding for projects requires legislation to guarantee bank deposits law, which works to create confidence among depositors and banks by guaranteeing their deposits, pointing out that this law will change the shape of the banking business and its role in activating the economy the National.

He noted that the advanced banking technology is very important to activate the national economy and transferred to a better stage commensurate with the volume of work required by Iraq in all its cities without exception.

He pointed out that the Third Banking Conference held recently discuss the Iraqi banking relationship with banks, regional and global, and the dissemination of banking culture and enhance confidence in banks own, as well as the role of the banking sector in the current economic crisis, as well as the development of banking services to keep pace with global free trade market, and the development of human resources Banking.

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