The importance of developing the reality of financial payments in the country

16/7/2018 12:00 am

With a view to supporting the economic sectors

Baghdad / Al-Sabah




The challenges of the financial sector, which is the starting point for the sustainable development process, continue to be identified. Economists diagnose problems and offer appropriate remedies to achieve a real rise in the financial sector to stimulate business across all sectors.




"The development of the economy requires the presence of a banking sector capable of bringing advanced technology, so that it will be able to handle the requirements of international companies that require sophisticated products that are commensurate with the size of the monetary mass that requires the field of work in Iraq," she said.




She pointed out that the need to "maximize efforts to develop the private banking sector, which awaits the future of the management of financial work according to the data of the open market economy, indicating the need to be determined the required strategic objectives and credit policies, as well as the reality of consultations for Iraqi banks, stressing that banks are aware of the future of the economy Iraq and is therefore working to adopt international quality products. "




The Central Bank is continuously emphasizing the adoption of strategic objectives for private banks and the formation of credit and investment policies under which the current phase is crossed more transparently away from stumbling and loss.




"The development of the reality of payments in Iraq represents an important step forward to the stage of providing quality services to international companies that aspire to enter the Iraqi labor market, which is in need of high flow in financial transactions, which can not be achieved away from the adoption of the best Technologies in the field of payments ".




Kanani pointed out that "the competent institutions on payments have developed technologies and developed specialized sections to follow the global developments and work to transfer them as soon as possible and to rehabilitate the specialized cadres of their projects, after the introduction of specialized courses in this aspect under the supervision of international expertise."




"The importance of a strategy for the work of each bank and institution specialized in providing financial services to the public to enable them to progress and achieve the goals and the ability to provide multiple services characterized by development and meet the needs of the global and local efforts, as well as to achieve steady growth in revenue commissions And the benefits of its various activities and thus benefit all parties to the process.




It has shown that the most important tools driving the private banking sector and the evolution of the reality of payments and its gradual transfer to the world is to raise the level of performance and the deployment of ATMs according to the plan to open branches, as well as the launch of new products not less than (5) new products and retail services annually, The Commercial Services Department is a relationship manager with extensive experience in this field,




She noted that the core functions of the credit policy are aimed at ensuring compliance with the regulations of the Central Bank and the secondary aspects governing the operational activities and to review applications for loans and comply with the policies of the bank.




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