************ Banks and their structural development

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************  Banks and their structural development Empty ************ Banks and their structural development

Post  Admin on Sat Jun 02, 2018 7:57 am

Samir Nusairi

Samir Nusairi


The official financial indicators of the activities of the Iraqi banking sector for the past five years indicate developments and expansions in the Iraqi banking sector. The rates of development in total capital increased by 98%, total assets by 16%, total deposits by 154% (77%). However, what is important in the developments is what the banks have achieved over the last two years of structural, structural and technical developments in light of the strategy of the Central Bank of Iraq for the years 2016-2020 and strict compliance with international standards of compliance rules and regulations. Payment systems and electronic payment techniques and increase the financial coverage to 22% after 11%, which led to the reclassification of banks by the Central Bank locally and procedures are continuing for the purpose of classification by international rating companies. Structural developments in banks can be identified due to follow-up, supervision and supervision of the Central Bank as follows:

I. Commitment and action in accordance with the regulations issued by the Central Bank of Iraq regarding the combating of money laundering and terrorism financing derived from FATF recommendations and in light of the principles derived from the Anti-Money Laundering Law No. 39 of 2015.

II. Compliance with regulatory directives developed by the Central Bank in cooperation with the International Fund's Metac Center and making them conform to international standards and Basel II requirements.

Third: The transition in the preparation of final and interim statements to international standards (IFRS), which ensures transparency of data and dealing with it by all parties responsible for financial reporting.

Fourthly, to encourage and stimulate the processes of financial inclusion and try to increase its proportion in Iraq through the adoption of a project to settle salaries, a step to reduce the use of cash and the direction of growth of the non-monetary society.

V. Work on the implementation of the plans of the Central Bank to revitalize the economic cycle and achieve economic stability and increase bank financing granted to small and medium enterprises.

Sixth: The use of all methods and procedures required to be approved to verify the sources of funds of applicants for the purchase of foreign currency for the purpose of preserving the foreign currency of the detrimental behavior of the national economy.

VII. Take the necessary measures to adopt risk criteria and adopt a precautionary policy to contribute to risk perception and thus take appropriate measures to address any risk.

Eighth - Adopting the unified banking number (IBAN) which contributes to improving the level of banking services and clearing services and settling payments locally and internationally.

IX - Contribution to the establishment of a deposit guarantee company to maintain the insurance of customers' deposits in circumstances that expose banks to financial collapses, which is a state of reassurance of customers to go to deal with the banking system.

X. Commit and act in accordance with the policies and procedures set forth in the Governance Guide, which provides for transparency, disclosure and separation of management from ownership.

Certainly, the banks' commitment to the above criteria will inevitably lead to

Holding banking partnerships between the regional and foreign banks and the Iraqi banks classified as A or excellent according to the special classification criteria adopted in the light of assessments of the Central Bank of Iraq and cooperation with banks classified internationally in the areas of international banking and adoption as correspondent banks in Iraq. In the Iraqi banks internationally in accordance with the standards of the Financial Action Group and its positive impact on the improvement of the reputation of our national economy in the global circles.



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