For the advancement of performance of an invitation to re-evaluate and classify all banks

9/6/2016 0:00

BAGHDAD - Suha Shaykhli

Experts and specialists seeking to develop solutions to address the economic problems by offering proposals aimed at facilitating the economic reform process of the reform of the banking system as a financier and investor President actor in the development process needed by Iraq under the current circumstances.

In this regard introduced banking expert Samir Alnasiri proposals to promote the reality banking is studying the Central Bank of the reality experienced by banks (government and private) through re-evaluation and classification of these banks, assigning specialist work in the financial analysis team and determine the efficiency performance standards for banks (administrative and credit) with the participation of the Association of Banks Iraqi and advisers and independent experts, bankers do not work in these banks, in order to prepare the audit, evaluation and re-classification of banks report.

The banking sector in Iraq, seven state banks are all from the Rafidain and Rasheed Iraqi Trade Bank of the industrial, agricultural, real estate and bank and the Islamic Bank Mesopotamia, along with 44 banks waged, including a number of specialist Islamic banks as well as branches of foreign banks and Arab.

Nasiri said in an interview for »morning» to the importance of the application of the Board of the Central Bank decision on controls the nomination of board members and staff leaders in the banks, and to emphasize the separation between owners and executive departments and not allow them to intervene at all Executive to work in the bank.

He pointed out that the economic crisis pant features since mid-2014 and continued repercussions so far, behind them reasons known to economists and to the public as well, specific reasons of financial mismanagement in state institutions, and dispose of non-thoughtful petroleum resources generated in previous years and the decline in oil prices by 65 percent from what was Thus, in addition to the costs and requirements of the war on terror.

And he confirmed the existence of steps to address the wrong policies in the economy is the importance of developing a methodology or strategy clear for the Iraqi economy, in addition to the coordination between fiscal and monetary policies, and not to rely entirely and exclusively on oil resources and to develop plans and programs targeted to diversify resources and encourage other such as agriculture, industry and tourism sectors of the economy.

And the need to apply the strategies drawn up by the committees and bodies advisers in the Council of Ministers in collaboration with the UN and international organizations that about 16 numbered strategy has not been implemented so far and no financial support days abundance of oil revenues.

Alnasiri focused on the need to go about building and securing infrastructure, sponsoring and supporting the Iraqi economy and institutions, and to adopt proper mechanisms and methods of monetary policy applications and find an alternative for the auction of the currency being faced criticism kit.

He added that the biggest problems experienced by cash trading market and the instability of the dinar exchange rate, and the flight of the proportion of foreign currency out of Iraq to the goals of non-economic and download the central bank responsibility that must be common to government institutions such as ministries of trade, planning and finance and interior, as well as speculators and Tjaralamlh, it all led to fall in the savings rate of the monetary mass in banks to 23 percent compared to the compactness amounting to 77 percent outside the banking sector.

He said that this indicates the state of a lack of trust among customers and a number of banks due to low liquidity in some of them to a minimum, which led to the inability of these banks can fulfill their obligations to customers upon request to refund their deposits.

And keep the application of laws that do not fit with the reality of the economy-Nasiri said that these laws are governing the banking and economic work in Iraq in addition to the illegal investment and money laundering, which is to introduce amendments to them recently.

He continued: Since everyone knows that the ring core and first in economic reform is the banking sector, any finance sector and investment, which should play the desired economic development role, which requires reviewing, analyzing and diagnosing the causes and try to reach a successful solution to the crisis being experienced by both the economy and the sector
Banking.

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