Al Nusairi: Central Bank proposes new banking products to support bank profitability and achieve financial coverage for 2019

Economy News _ Baghdad

The Central Bank of Iraq (CBE), the economic and banking advisor to the Association of Iraqi Private Banks, said on Wednesday that the Central Bank is proposing new banking products to support the profitability of banks and achieve financial coverage for 2019. He pointed out that the bank has worked in the past two years with deliberate steps, Arabic and foreign.


Al Nusairi said in an interview with "Economy News" to "confirm the policies of the Central Bank to activate the banking activity and support the profitability of banks and achieve the strategy of financial inclusion by providing the widest spread of new banking services and products proposed by the Central Bank and in line with the provisions of the Banking Law 94 of 2004 and structural and structural developments And the training and qualification of banking cadres achieved during the years 2017 and 2018, which will help the banking departments to activate the new banking products proposed so the central bank has set up a specialized meeting in the presence of leaders in the Central Bank and banks And the Association of Banks with a view to establishing mechanisms and executive decisions to launch these products and with the direct support and effective support of the Central Bank for the purpose of helping banks to overcome the decline in revenues.


He added that "the bank is working to stimulate the economic cycle by moving the real banking activity and not rely on the window of sale of foreign currency after the decline of Makan provides the banks a daily profit before the stability of the exchange rate, one of the objectives of monetary policy, which was achieved in 2018.


He pointed out that "the adoption of the Central Bank in 2019 new visions for the applications of monetary policy for the purpose of achieving the objectives of monetary policy based on transparency and disclosure and the application of international standards and confidence in banking transactions between banks and cooperation in the implementation of instructions and decisions issued by the higher authorities, and the implementation is in line with the spirit and content And the continued efforts of the Association of Banks and Banks to improve the banking reputation of international financial institutions and organizations and correspondent banks. "


Al-Nusairi said that "the Central Bank has worked during the past two years with deliberate and sequential steps and coordinated with the concerned international bodies and building strong relations with Arab and foreign central banks as well as the Association of Banks to move across the Arab and foreign countries to clarify the bright points of the Iraqi banking sector and developments during the past three years In coordination with the Central Bank, where procedural, regulatory and structural policies were drawn up and issued a strategy for the years (2016-2020).


The objectives of the Bank were to achieve financial stability and to develop the banking process technically, structurally, A work aimed at achieving financial comprehension as he prepared and laid down the appropriate financial and technical foundations for the reality of the Iraqi economy and the mechanisms of banking work, which constituted a solid base on the internal and external levels, which led to the transfer of the state of the Iraqi economy with its basic divisions, the most prominent of which is the banking sector. Financial organizations and financial institutions Arab and foreign.


He added that all this led the Central Bank to plan for a new phase in 2019 and 2020, the last two years of years of his strategy is based on the following pillars: -


1- Working and dealing with banks in new ways to increase the pressures of the specific instructions and granting them the flexibility, permutations and facilities in order to add new banking products and achieve the central objectives in development and economic and banking reform and the adoption of transparency and disclosure.


2 - Dealing with banks based on the introduction of new and high-level banking products and services and restore the confidence of the public in the banking sector in addition to the results of its business and the extent of its commitment to implement the monetary policy directions of the Central Bank and reflect on their actual contribution to GDP and its contribution to sustainable development and its transition from the role of exchange to Development role.


 3- Dealing with banks according to their classification criteria approved by the Central Bank according to international standard standards. And try to qualify weak and troubled banks and return the map of the banking market, creating a balance between the need of the economy to contribute banking finance in sustainable development and the level of new banking products and services provided.




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