Central-called strategy for the next five years

02/16/2016 0:00 BAGHDAD - Hussein al-Tamimi Tgb

The central bank fired Stratejth for the next five years 2016 - 2020, which came targets designed to put the Iraqi economy back on track and build a free economy based on market competition factors.

Salim al-Jubouri, head of the House of Representatives Park starting strategy the next five years and to begin to address the economic problems that require wisdom and precision, he returned to solve the economic Palmkrj security first step of the solutions must be from the economic side, which leads to finding political and security solutions to achieve progress in the work of the state and we can secure funding of the joint security and challenges in the fight against the terrorist Daash, securing volunteers dues to the fighting and displaced persons, as well as addressing the pressure in the housing and reconstruction of devastated cities.

He pointed to the importance of the advancement of the banking sector and benefit from cutting-edge international labor standards of successful international experiences, focusing on the role of the General Directorate of banking, credit and prepare human resources stomach seamlessly, urging the need to adopt advanced technology movement of funds following the Wye case of money laundering.

He said that the time is appropriate to approve the financial Court Act, and exercised its work as one of the most important interfaces supervisory any excesses and the reduction of all forms of corruption, noting that the government reform process focused on creating exceptional solutions with the search for new people according to the law and the Constitution, pointing out the need to increase the sector's contribution banking in GDP to move the Iraqi economy, stressing the lack of withdrawal of the cash reserves of hard currency to cover the deficit in the balance of payments, noting that Iraq has a lot of wealth that can allow you to move the economy.

Governor of the Central Bank on the Keywords said, we launched a strategy of the central bank, which acquires special significance being the first integrated strategy prepared in accordance with the thoughtful approach and in accordance with the best international standards and practices, pointing out that they were built in the light of the objectives of the Central Bank stipulated by the law and of the achievement of price stability and preserve the financial system fixed and work to promote sustainable development.

He pointed out that the central work after 2003 to achieve overall stability in prices, also it succeeded in reducing inflation from 40 percent to 2 percent.

Keywords between The president of strategic goals is to support and achieve financial stability through the establishment of the Financial Stability Department, and promote the comprehensive control systems and the protection of the financial system as well as the establishment of credit bureau and promote financial inclusion, and goals focused on activating the role of financial Institutions banking sector through the development of banking systems to build the framework governance and enhance transparency and disclosure practices.

He pointed out that the objectives of the strategy also includes the development of the regulatory environment and the organizational structure and the development of human capital, as well as activating the integration of internal and external relationships.

The role of Ali Tariq, executive director of the Association of Iraqi private banks that the presence of strategic work regulating the movement of funds into the banking sector is extremely important, noting that private banks are constantly striving to organize their work and develop their products and that this strategy will be a motive of the private banking sector.

Tariq pointed out that it stands for joint deposit guarantee is extremely important and went creates trust between the public and private banks.

The competent affairs in the banking Bashar Shaker has pointed out that the strategic focus on the adoption of advanced systems and this in turn represents a success in strengthening the banking, both public and private sector capacity building component, indicating that advanced technology is very important in the development of banking products and make them compete with global banks, especially Iraq in dire need of large transactions commensurate with the size of the local economy.


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