Reform in the government's banking sector

6/21/2016 0:00

  Mohammed Sharif Abu Mayssam

Launched the reform project in the government's banking sector since the early years of the post after the fall of the dictatorship, as it sought the relevant authorities represented by the Ministry of Finance and the Central Bank to restructure these banks which inherited the immense accumulation of financial and administrative problems, as well as the failure of the banking business patterns by the isolation suffered by a banking system for global surroundings over the years Altsainat.aadh restructuring

However, the performance of the restructuring was not far from patterns of conduct heritage that like a lot of utilitarian features and bureaucracy, the results were no more than routine performance of these Outlk Committee, and enjoy the dispatch of this or that party at the center of development and training limits in attempts to restructure the capital of these banks remained linked to governmental decisions shrouded in a lot of misunderstandings, which had a negative impact on the financial positions of banks for long periods of time is the other contributed to the consecration of apathy in performance.

As well as a great reluctance in the axis of the introduction of technologies in which the performance did not live up to the level of spending on the purchase of electronic equipment from computers and internet systems, as it remained

It is linked to training and development, which did not employ properly with neglected, apparently, training hub at home for Amdodon accountability or real control on these themes remained poor methods of modernity and limited to the heritage of performance patterns .. what made the cost spending on restructuring programs in the wind Although these programs were in large part under the supervision and monitoring of the international Monetary Fund through the unit

Restructuring, which was established in the Central Bank.

Organizational things inherited

On the administrative side of these institutions remained under the influence of inherited cultures in administrative work, which has worsened with the consecration of corruption cases by the deepening factional and partisan and sectarian quotas in conjunction with the increase in capital of these institutions and employment in the granting of subsidized from the public budget by the initiatives, or otherwise, launched by the state to support that loans economic sectors, even formed empires and fiefdoms within them backed by a political party or influential individuals in the state, has become for some employees in the weight up to the extent of influencing the decisions and orders of the decision-making centers and the impact on their tracks, and has become a function of these development institutions tool for the interests of the parties to share the benefits.

However, support for the advancement of economic sectors across the lending loop that received these institutions size was significant to the extent that it appeared his influence in some economic episodes, suggesting that these institutions have resulted in its functions, while the figures indicate that this support if he could reach the objectives for the dawn of revolutions sectoral at the macro-economic scene, what makes scientific review of the reality of the performance of these institutions is inevitable, especially as the private banking sector covers in slumber and gasping for years behind the quick profit without raising the credit rates and without having a role in the growth rates or in economic development wheel rotation , despite the support he received over the years to work with the tools of monetary interest rates in night investment in the Central Bank as well as the benefits and profits of the dollar auction over the past twelve years.

Necessities forced

The imperatives which impose a reality forced you need when you reviewed the courage and admit mistakes, and otherwise, the hold according to the data of this reality will not only lead to further slides towards the foundation for the privatization of these institutions as public companies in concert with the voices calling for the transition towards a capitalist market economy, in the time of need the real sectors to further support through such institutions as the windows of loans backed by development.

Renewal of energies

Accordingly, the restructuring of these institutions seriously by injecting young blood and highly educated in the banking industry that rely technologies according modernity tools has become a matter of urgency to avoid making past mistakes with the entry of labor loans electronic sectors of industry, agriculture and housing, it is also important to consider seriously the continued survival the heirs of the culture of our book and your book in these institutions under the pretext of banking experience at the time of accelerating the pace of life around us and we are still prisoners of bureaucratic legacy, which did not succeed in our progress over the thirteen years past, and therefore we urgently need to change the style of banking culture among the public, which is still seen to this institutions as the authority of the institutions are not institutions of service due to a lack of confidence among the public and among the cadres of these institutions which are still operating with the mentality of the sultans in dealing with the public, and this is the real reason for the survival of about 70 percent of the money supply issued by the Central Bank out of circulation and away from deposits in state banks with the continued lack of confidence in banks own.

http://www.alsabaah.iq/ArticleShow.aspx?ID=118626

Jubouri calling for the amendment of the Banking Act and the formation of a financial court


Author: BS, MJM
Editor: AZ, BS
19/06/2016 21:56



Long-Presse / Baghdad

Called on Parliament Speaker Salim al-Jubouri, Sunday, to amend the Banking Act in line with the developments of the stage, with the formation of a student is capable of resolving the private banks and relevant financial problems tribunal.

Jubouri said during his Iraqi banks Association Conference, on Sunday evening, on the work of Iraqi banks in the Babylon Hotel in central Baghdad and attended (range Press), "The economic elite are the decision makers and be in conditions that most crises effectiveness and feasibility of, and I hope that this meeting produce a vision clear and new about our crisis we are going through solutions, "adding that" it is important to be convinced that the private banks sector is very important and we must realize its importance and necessity. "

He Jubouri that "the complexities that have passed us did not give us the opportunity to work together to develop a road map that is pushing for activating the role of private banks to support the national economy and the strengthening of Iraq's ability to adjust the economic rhythm," stressing that "watching with interest the many problems between private and government banks on the one hand and between them and between the Ministry of Finance on the other hand. "

And the Speaker of the Parliament, said that "these problems have led to the banking market segmentation, weaken and make them work incorrectly, which underlines the need to modernize the economic vision of the banking business and make it more flexible and realistic", adding "state support for private banks comes from increasing the volume of deposits and open accounts and encourage the banks that offer outstanding performance and contribute to supporting humanitarian work and social projects. "

He said al-Jubouri, "well aware that the Banking Act No. 94 of 2004, the category of private banks as commercial rather than development, while the State-owned banks is a comprehensive banks exercising banking development and to engage in industrial investment, agricultural and others, also realize that this law has been issued in the circumstances in which we live today it is necessary to modify it in line with the developments of the stage and it specifically Article 28 to allow for private banks to exercise commercial matters, provided that they maintain the high liquidity of material. "

He called on the President of the House of Representatives to "form capable of resolving the private banks and stakeholders problems Financial Court, to be a specialist and better able to understand the complexities of the problems of institutions and individuals and financial disputes," pointing out that "the financial, industrial and commercial enterprises are able to determine the fate of the stability of the economy of any country in the world ".

http://www.almadapress.com/ar/news/72127/الجبوري-يدعو-لتعديل-قانون-المصارف-ا